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residence outside of canada

How does bankruptcy affect property owned out of Canada, ie. united states ?

Posted from: British Columbia

One Response to “residence outside of canada”

A licensed trustee said...

All property (and income for that matter), where ever it may be located, will be factored in to the cost of filing for bankruptcy in Canada. For example, if you own a house in the USA that has $50,000 in equity (net value after the mortgage is paid off) then you will either have to pay $50,000 in order to keep the house, or the house will be seized and sold and the proceeds paid into your Canadian bankruptcy.