Comments on: bankruptcy but name is on title to a rental property http://www.bankruptcy-edmonton.com/bankruptcy/2008/11/bankruptcy-but-name-is-on-title-to-a-rental-property.html Bankruptcy Edmonton Tue, 07 Feb 2012 15:47:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Barton Goth, Trustee in Bankruptcy http://www.bankruptcy-edmonton.com/bankruptcy/2008/11/bankruptcy-but-name-is-on-title-to-a-rental-property.html/comment-page-1#comment-297 Barton Goth, Trustee in Bankruptcy Fri, 28 Nov 2008 15:25:57 +0000 http://www.bankruptcy-edmonton.com/bankruptcy/2008/11/bankruptcy-but-name-is-on-title-to-a-rental-property.html#comment-297 Simply removing your name from the title of this property will actually end up causing more problems in the long run as to many people it would appear as if you are trying to defeat the rights of your creditors. If there is no equity in the property, there really is no major impact on the property if you file a bankruptcy, so leave things as they sit, meet with a trustee, explain all the details surrounding the property and I think you will find it won't really change anything. The only other consideration is if you can't afford to keep the property and you are going to have to sell it at a loss, you would be better to do this before you file for bankruptcy as the shortfall (difference between the sales price and the amount you owe on the property) will then be cleared along with the rest of your debts. Simply removing your name from the title of this property will actually end up causing more problems in the long run as to many people it would appear as if you are trying to defeat the rights of your creditors. If there is no equity in the property, there really is no major impact on the property if you file a bankruptcy, so leave things as they sit, meet with a trustee, explain all the details surrounding the property and I think you will find it won’t really change anything.

The only other consideration is if you can’t afford to keep the property and you are going to have to sell it at a loss, you would be better to do this before you file for bankruptcy as the shortfall (difference between the sales price and the amount you owe on the property) will then be cleared along with the rest of your debts.

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