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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I need to save Mom`s house

I am currently having financial difficulty and am considering bankruptcy. My question is:
My elderly mother has put my name on her house for will purposes. It has been in her family for 2 generations. If I claim bankruptcy will they take my mom`s house?

Posted from: British Columbia

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One Response to “I need to save Mom`s house”

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

Unfortunately, once your name was put onto your mother’s house, you have a beneficial interest in the property and one that must be valued and realized upon if a bankruptcy is filed.

Now you may want to consult with an insolvency lawyer, not a trustee, to explore whether or not there are any available avenues that will avoid impacting the property. However, unless there is something unusal in most circumstes like this, if your name is attached to any property other than your principle residence then upon filing for bankruptcy your interest in the property vests in your trustee, is liquidated and distributed among your unseucred creditors.