November 3rd, 2009 by Questions
I am separated and reside in Quebec. I declared bankruptcy one year ago. I have a house in Ontario co-owned by my ex-wife. The house is mortgage free. The house is for sale and the trustee has it listed along with my ex-wife (to protect her interests). The real estate situation is terrible where the house is. It has been for sale for 3 years. How long will the trustee hold onto the house? It may not sell for a long time.
Posted from: Quebec
One Response to “House question”
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November 04, 2009 at 6:29 am, A licensed trustee said:
As long as it takes to sell the property… At some point, your trustee and ex will start lowering the price in an attempt to sell the house. Unless your trustee determines that the house no longer has any value they have no choice except to keep trying to sell it for the benefit of your unsecured creditors.