Alberta Bankruptcy

Author:

Anonymous

Question:

I am considering bankruptcy. I have about 150000$ in unsecured debt that i racked up in a failed business venture. I am still married but separated for a few months. My ex owns her home on title and mortgage. She is affraid because we are still legally married that her house will be reposessed. Should she be worried. Does the fact that we were together during the failed business matter?

From:

Alger & Associates Inc.

Date:

Sep 07, 2010

Answer:

The ownership of the house is determined by who is registered on title and provided you haven't been in the past 5 years your only interest would be dower rights. Dower rights only become effective when a triggering event such as a separation occurs but otherwise they have no real value. If you have been removed from title in the past 5 years and no value was provided then there could be an issue.

Karen Rideout
phone: (403) 296-2973
krideout@alger.ca