Question: Presently I am not working, credit cards are maxed (65K), I also owe reciever general aprox 60K (from a inc small business - which is now non functioning and in the proccess of being disolved - there are no assesst but $12K owed to suppliers). My wife is working (and has a few bills of her own), no bills are behind, we just cant keep up. I am considering bankruptcy (not my wife)Our home has approx $240K of equity - I have taken my name off the title in 2007 - I am still on the mtg. We would like to keep our home, have me claim bankruptcy, get employeed again then rebuild or contiune living.
Is our home in jepordy even with me off the title?
Me with $130K+ of debt - is this the right choice for me? will it affect my wife and home in any way?
Thanks in advance
Answer: If you go bankrupt in Ontario, you will be asked to answer the question: "within the last 5 years, while knowingly insolvent, did you dispose of any property?" Obviously you took your name off title to the house in 2007, which is within the last five years; if you knew you were in financial trouble at that time, then yes, the house, or some portion of the equity, could be in jeopardy.
You have a number of options, one of which may be to offer the creditors a settlement through a proposal to avoid bankruptcy. Bankruptcy may also be an option. You should consult with a trustee to determine your next step, and to ensure you fully understand the ramifications of your decisions.
Is our home in jepordy even with me off the title?
Me with $130K+ of debt - is this the right choice for me? will it affect my wife and home in any way?
Thanks in advance
Answer: If you go bankrupt in Ontario, you will be asked to answer the question: "within the last 5 years, while knowingly insolvent, did you dispose of any property?" Obviously you took your name off title to the house in 2007, which is within the last five years; if you knew you were in financial trouble at that time, then yes, the house, or some portion of the equity, could be in jeopardy.
You have a number of options, one of which may be to offer the creditors a settlement through a proposal to avoid bankruptcy. Bankruptcy may also be an option. You should consult with a trustee to determine your next step, and to ensure you fully understand the ramifications of your decisions.
Labels: bankruptcy Ontario, what do I get to keep if I go bankrupt
posted by Questions @ 6:50 PM
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