Question: What happens if you are living together and have purchased a home with both signing the mortgage? The debt is only one of the persons from prior days. What happens to the other party that signed for the house?
Answer: Will I lose my house if I go bankrupt? is a very common question. You can read an article about Will I lose my house because of money problems for more information.
If you own part of the house and you go bankrupt for your debts, you must pay the trustee the value of your half of the house (less the amount owing on the mortgage). If you just bought the house there is probably limited equity, so it may not be a problem.
To find out how bankruptcy in Ontario will effect your spouse, contact an Ontario bankruptcy trustee for a free initial consultation to review your situation in detail.
Answer: Will I lose my house if I go bankrupt? is a very common question. You can read an article about Will I lose my house because of money problems for more information.
If you own part of the house and you go bankrupt for your debts, you must pay the trustee the value of your half of the house (less the amount owing on the mortgage). If you just bought the house there is probably limited equity, so it may not be a problem.
To find out how bankruptcy in Ontario will effect your spouse, contact an Ontario bankruptcy trustee for a free initial consultation to review your situation in detail.
Labels: bankruptcy and spouse, bankruptcy Ontario, bankruptcy trustee
posted by Questions @ 12:57 PM
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