FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Property out of province

I am contemplating bankruptcy due to lose of employment. Qestion: I and my wife, have property in another province, there is nothing owing on the land. Will this property be involved in the bankruptcy?

Posted from: Ontario

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One Response to “Property out of province”

A licensed trustee said...

If you file for bankruptcy your property, whereever it is located in the world, is subject to eizure and sale by your trustee. So, if you own land in another province and file for bankruptcy your trustee will be required to sell that land and give the money to your creditors.

Depending on the value of the land you may want to “buy it back” from your trustee yourself – that is, pay your trustee an amount equal to the land’s value and your trustee will allow you to keep it. Another option to consider is whether or not you can afford to offer your creditors a proposal (partial repayment) instead of filing for bankruptcy.

Use the links to find a trustee in your area and give them a call.