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matrimonial home

my husband and I are joint tenants of our matrimonial home. I may need to consider filing for bankruptcy due to a large CRA tax assessment which I may not be able to pay. If I declare bankruptcy, will I be forced to sell my share of the matrimonial home?

Posted from: Ontario

One Response to “matrimonial home”

A licensed trustee said...

If you have equity in your home and you file for bankruptcy then you must pay an amount equal to your share of the equity into your bankruptcy or the house may be put up for sale.

If you owe a large amount to CRA then you should speak to a trustee VERY SOON about your situation. If CRA decides to register a tax lien on your home then it will be too late to file for bankruptcy – you need to get the process started BEFORE that happens…