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Answer: When you file for bankruptcy, you are required to disclose whether or not you sold a house in the previous five years "while you were knowingly insolvent". In your case you transferred the house to protect it from a creditor, so you were probably insolvent. Whether or not it would be an issue in your bankruptcy will depend on the value of the house and the mortgage balance at the time of the transfer, and your other debts.
As this is a significant issue, we suggest you consult a bankruptcy lawyer or an Ottawa bankruptcy trustee for more information.
Labels: bankruptcy Ottawa
posted by Questions @ 10:20 AM
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