If i file bankruptcy what happens to jointly owned property?
March 4th, 2014 by Questions
I have significant past debt that is primarily in 3 properties, all in my name, that currently are in a negative equity state. (Debt is 450K in mortgage/secured credit line debt: current equity is is 340K). In addition, I have another 50K in unsecured debt.
Late last year, I purchased a rental property jointly with a partner – it is in both of our names. It currently has positive equity of about 80K.
If i consider bankruptcy, what happens to the jointly owned property that has positive total equity of 80k?
Posted from: Ontario