Howard Hayes Bankruptcy Cambridge Ontario Blog » Questions http://www.bankruptcy-cambridge.com Howard Hayes Bankruptcy Cambridge Ontario Blog Wed, 08 Sep 2010 13:33:07 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Bankruptcy with a mortgage http://www.bankruptcy-cambridge.com/consumer-proposal/2008/02/bankruptcy-with-a-mortgage.html http://www.bankruptcy-cambridge.com/consumer-proposal/2008/02/bankruptcy-with-a-mortgage.html#comments Wed, 27 Feb 2008 09:49:00 +0000 Questions http://www.bankruptcy-cambridge.com/?p=23 Question: If I do need to declare myself bankrupt, I believe I may asked to pay some equity from my house. Would it be worth transferring the house over to my wife’s name?

Answer: Unfortunately you can’t transfer your house to your wife and then go bankrupt. When you file bankruptcy, one of the questions you must answer is “have you, in the last five years, transferred or disposed of any real estate”. In your case the answer would be yes, so if you went bankrupt you would be required to pay back the equity.

We suggest that you get a house appraisal, and a confirmation of the balance owing on your mortgage, and then make an appointment to see us (call 519-622-3773 to set up an appointment) and we can calculate the equity in the house.

If the equity is large, another option may be to file a consumer proposal.

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