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Alberta bankruptcy Q&A forum

Question:

 

my husband have bought a house three years ago, my husband's name is on the deed of the house. we also put our daughter's name on the deed at the same time( just in case anything happens to him, our daughter will take care of the payment to the house). my daughters live there only paying the gas and power while we provide the rest of the payment, my son stays there for free when he has work in Grande Prairie. We have made roughly 100k contribution to the house during last three years with 40k to the equity. What will happen to our house if our daughter happens to file for bankruptcy, even though we are the ones who were making all the mortgage payments?


From:

 

Grant Thornton Limited

Date:

 

Mar 15, 2016

Answer:

 

Hi Audrey, The Trustee will review the equity available in the real property. Assuming that she lives in Alberta and there is less then $40,000 in equity, the property should be protected. You may also want to seek legal advice to enforce your interest in the real property. If you had any other concerns please contact our office at 310-8888.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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