My partner runs a home daycare and is my common-law partner. We own the house together, with a joint mortgage that was used as a $200,000 business down payment. I have $30,000 in credit card debt and a $150,000 company guarantee that I owe to the credit union. I want to file for bankruptcy. Can you tell me if the house will be included in the bankruptcy proceedings, or if it will be exempt and I will still have to pay the mortgage?
The net value of your share of the house will be considered in your bankruptcy proceedings.
The trustee should try to reach an agreement with your spouse to transfer your share to her.
The trustee should try to reach an agreement with your spouse to transfer your share to her.
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