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

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Mr

I owe 25% on the house and my wife owes 25% and my father-in-law owes 50%. If I apply for bankruptcy, can I still keep the house (with mortgage equals to 30% of the house`s market value) cause we all live together with dependents. Can trustee force me to sell the house even though I don`t owe it 100%? Does my father-in-law dispute the trustee decision to sell the house? Does my wife has the right to do so too? And Will the bank repossess the house due to my bankruptcy or determine the mortgage?

Posted from: British Columbia
/>Posted from: British Columbia

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One Response to “Mr”

A licensed trustee said...

If/when you file for bankruptcy the 25% interest you have in the house vests (becomes the property of) with your trustee. That means they now control your 25%. The trustee is required by law to try and turn that 25% into cash for your creditors.

Normally the first they will do is ask if the people that own the other 75% want to “buy” your portion – usually at a discount (reduced price). This is the easiest way to turn your share of the house into cash and it helps the rest of the family at the same time.

If the other owners are unable or unwilling to buy your 25% the trustee then may apply to the Court to try and force the sale – the facts in each individual case will determine the outcome. If the house isn’t sold, the trustee will remain on title until it is or until the required amount of money is paid…