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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 101436
Experience:  Lawyer
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My brother and i own a cottage property in Canada. i live

Customer Question

my brother and i own a cottage property in Canada. i live and work in Canada and he lives and works in the US. We are both Canadian. He has lived in US for over a decade. I own 50% (outright, no debt) of our cottage. He owns 50% but has used a Canadian mortgage on which still has 75% debt. I cosigned his mortgage. He has had many episodes of missed payments and over 100 days of arrears. My brother is now in financial ruin. If he declares bankruptcy in the USA, can his creditors come after our cottage property in Canada? And can his creditors go after my 50%?
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

I am sorry to hear this.

His creditors cannot come after any of your assets.

If he declares bankruptcy in the US this does not affect any of his rates are obligations in Canada.

Because you cosigned the mortgage however, you were at as great a risk as he is if the mortgage goes into default.

Let me know if you need any further clarification.