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Property in US

My wife and I own a mobile unit free and clear, joint ownership in the U.S. If I go bankrupt in Canada and not my wife, what are the implications?

Posted from: Ontario

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One Response to “Property in US”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you file for bankruptcy your trustee will have to realize on your 50% share of the equity in the property. So if you can pay it in to the trustee without selling it, that is always possible. However, if you are not in a position to do that the property would be sold and the proceeds would be split between your trustee and your wife.