filing bankruptcy but name is on title to a rental property

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Hello

I am in the middle of a separation from my common-law who I have been with for four years.

I used to have perfect credit and now I am in a position where I can only the minimum amount that is due. Now I think I need to file a bankruptcy. I have very limited income, am a single mother, and after this separation won`t be able to afford my debts and my living costs.

My ex is helping me out until I can get on my feet again but he isn`t going to do that for very much longer. Now my creditors are calling constantly and I need to do something.

The problem is that both me and my ex are listed on title to a townhouse which we rent out. We tried to sell the property but found that there is a lot of work that needs to be done before we are allowed to sell it. This is likely going to cost about 12k which we don`t have. We did have a number of offers that came but as soon as the inspections were done no one will touch the house and there is not enough equity in the house to cover the cost of the mortgage if we reduce3 the price anymore. Should I just take my name off the townhouse, let my ex keep it and simplify my life? Would this make things easier or would it cause us problems?

Thanks in advance!

Posted on Monday, November 17, 2008 | Filed under: Bankruptcy
 posted by Questions @ 8:26 pm 1 Comment
1 Expert Comment:

 At November 26, 2008 | 3:16 pm , Barton Goth, Trustee in Bankruptcy Said...

You are better to leave things how they are and meet with a trustee. When we start to discuss bankruptcy and real estate, especially when dealing with a rental property, it is important to look at things in detail as they can become fairly complicated. There will likely be a fairly simply way to proceed, and in this instances it may be to simply remove your name, but I want to make sure we run through all the pertinent information to ensure doing so will simplify things not complicate them.

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