Bankruptcy Information Centre

If you have a bankruptcy question you'd like to ask, just ask using this online form. All help is free.

If I Go Bankrupt What Happens To My Properties?

Question:

I am looking into bankrupcy as I have lost my job and have a lot of debt. My only concern is that my brother and I own 2 properties together and I’m worried about the Bankrupcy affecting him.

Answer:

If you own properties and go bankrupt they will be viewed as an asset and your half of the properties could be taken as a way to pay into the bankruptcy, especially if there is equity in the properties.

As they are jointly owned, your brother could be given the opportunity to buy-out your portion of any equity or the Trustee’s interest in any of the properties.

If he is not given this opportunity, and he should, or if he cannot buy-out the equity, the properties could be sold to be paid into the bankruptcy.

Your brother’s portion of any proceeds would be his.

Thank you for letting me help you.

Jon

If you have a bankruptcy question you’d like to ask, just ask using this online form. All help is free.

Source: If I Go Bankrupt What Happens To My Properties?

Other Related Items