Question: If we had a property (that we had previously purchased for ourselves) and had given it to our daughter last year and it is now in her name only. After what amount of time is this property considered fully hers and will not be affected by our bankruptcy?
Answer: When you go bankrupt in Ontario, the trustee is required to ask you to disclose all property that you have sold or disposed of in the last five years while you knew you were in financial trouble. If you gave the property to her last year, it is possible that it will be affected by your bankruptcy. You should discuss this with your trustee to determine what affect, if any, it will have on your bankruptcy.