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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 101373
Experience:  Lawyer
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If you were listed on a mortgage and a house deed, not as a

Customer Question

If you were listed on a mortgage and a house deed, not as a spouse (as a daughter in law) and then removed from both (mortgage was paid out and closed by other party) and there was no sale of the home and you took no profit from it - would that be an issue if you went personally bankrupt within 6 months?
Submitted: 1 year ago.
Category: Canada Law
Customer: replied 1 year ago.
Home in NS. Time lived in the duplex = 10 yrs, moved out and now living in BC since Sept. 2015. Mortgage & deed removed in March 2016.
Expert:  Debra replied 1 year ago.

Yes. It could be a serious issue. The reason why is when the daughter-in-law's name is ***** ***** title the title is transferred fully to the joint owner and as this is a non-arms length transaction (this is a relative] this transfer can be seen as being done to defeat creditors which would be considered fraudulent and the transfer could be set aside.

It is likely best for the daughter-in-law or the joint owner to consult with a lawyer face to face before the daughter-in-law considers declaring bankruptcy at this point in time.