I am looking at filing for personal bankruptcy. For your reference, I am married and own my own home. My wife is listed jointly on the house and I am worried about the impact that this would have on my wife and the house. Do you think I could just have my named removed from the propoerty?
bankrutpcy and my house
Posted on Monday, October 27, 2008
posted by Questions @ 7:10 pm
1 Expert Comment:
At October 30, 2008 |
6:30 am
, Barton Goth, Trustee in Bankruptcy Said...
The impact on your wife should be marginal as long as she hasn’t signed on any of your debts. However, the house could be a different issue. In Alberta you are allowed to have up to $40,000 equity in a house, if you have less than this then you have no need to worry, if you have more than this then a bankruptcy could have an impact on your house, and indirectly on your spouse if she lis on title to the house with you.
The best thing to do is to contact a trustee and review the details of the house with them to determine if there is even going to be an issue and if so how significant of an issue it is.
The worst thing that you could do is to start to remove your name form title or anything like that. This will make it look like you are purposely trying to defeat the rights of creditors, it will not protect the house and will cause problems in how your bankruptcy proceeds.
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