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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Joint Ownership

I have title to a house and one investment property but I never contribute to the ownership of these assets since I do not work. My name was simply added on the title of these properties by my husband. I have a gambling addication and incurred over $100,000 in credit cards and personal debts that I can not personally repay. What will happen to these property if I declare bankruptcy?

Posted from: Ontario

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One Response to “Joint Ownership”

A licensed trustee said...

If/when you decalre bankruptcy your share of the equity in these properties will have to be paid into the bankruptcy for your creditors. The fact that you have not made a fiancial contribution tot eh properties might make a difference, but I suspect you’ll have to ask whatever trustee you are dealing with to schedule a hearing so that a Court can decide the matter.

If you simply take your name off of the properties you might get yourself in trouble – if the Court thinks some money should be paid transfering them won’t help anyway…

Go and see an experienced insolvency lawyer or book an appointment with a trustee. I suspect the trustee’s answer will be the same as mine, but a lawyer might tell you something different.