Bankruptcy

[Demi]

Anyone deal with an ex that declared bankruptcy? My ex decared and i only found out at case conference. I am now beng told I am no longer entitled to any of his pension due to Bankruptcy??? I am also trying to save my home as both of our names were on mortgage....

[Berner_Faith]

Arabian? She can possibly add some insight, she dealt with a partner who declared bankruptcy and left her with all the business debt.

[Unevenplayingground]

Anyone deal with an ex that declared bankruptcy? My ex decared and i only found out at case conference. I am now beng told I am no longer entitled to any of his pension due to Bankruptcy??? I am also trying to save my home as both of our names were on mortgage....

My ex did, he moved out before he did it, he told me before he did it (he was in debt up to the ying yang with students loans, etc. The house was in both of our names. I was allowed to keep the house as long as I made the payments on it. There wasn't very much equity though.

[Demi]

My ex did, he moved out before he did it, he told me before he did it (he was in debt up to the ying yang with students loans, etc. The house was in both of our names. I was allowed to keep the house as long as I made the payments on it. There wasn't very much equity though.

Can I ask how you dealt with his name still being on the mortgage? did you eventually get the mortgage put in just your name?

[ddol1]

If I may suggest - to best protect your interests, you should also see a bankrupcy specialist to know your rights and if there are loop holes in the system a good one should be able to at least guide you through this.

The first thing you brought forth was no pension!!!! My first thought is - your ex is going bankrupt, not you, your ex's employer and the pension? I would think that would be the most protected asset you have a right to at least - That being the 50% value the pension is valued at by the actuary. If you have not settled your seperation, your ex may go bankrupt but it does not change what your net property for equalization is on your valuation date. From what I read the most difficult issue would be the time following your equalization and while still being owed an amount, your ex does the deed and your debt becomes no better than any other - less so as your debt is not secured.... but that is reading - nothing that will replace learning the ins and outs of bankrupcy and you.

[hadenough]

Who announced his assignment in bankruptcy at the case conference?

Who made the statement re: his pension?

Does your home have much equity? It would be advantageous if it didn't.

Is he employed? Do you have children w/him? Please provide more background information. Thx

[arabian]

My ex directed all the business income into the g/f's account and left me penniless. At one time the house was paid for in full. We were re-financing equipment and usually I had to personally guarantee the business loans. I got lazy and ended up putting the last house we owed under my husband's name - told him to do whatever as I had no reason to not trust him and to be honest I was sick and tired about arguing with him about business matters. Turns out there was another person in his life. Money got redirected, house under his name. He left me destitute and defaulted on the mortgage (after financing it up pretty high). I lost my the house that was originally mine 100%. He went bankrupt in that time period. I lost everything. Turns out if you are partners in an incorporated business you have absolutely no protection under the BIA. You're fucked.

[arabian]

Family lawyers do not deal with business issues and corporate lawyers always reflect things back to your divorce lawyer. Hope you're independently wealthy to be able to afford both lawyers.

3 years later I'm glad I'm not living with the loser. Move on and don't look back.

[arabian]

Sorry for the diversion... it was a very difficult time for me.

Bankruptcy trustees are basically anyone who hangs a shingle out there. They are NOT certified accountants and they are only accountable to the federal Trustees in Bankruptcy (hadenough can tell you how effective they are). So you are facing a bunch of idiots who will try to intimidate you.

You do not have to get a lawyer to represent you if you have ovums (balls of steel equivalent). If you don't get a mediocre lawyer who will write your letters for you. Ask ahead of time how much they charge and insist on them sending you a monthly detailed statement of account so you can be shocked at what they charge you. Yes if you retain a lawyer they will charge you for calling them, each and every time.

Best thing to do is make yourself very much aware of bankruptcy as it effects you (personal or business). There is plenty of information on the Canada Government website for personal bankruptcy.

You need to register a claim to stop the trustee in their tracks You can probably get the info/form off the website or even call your stbx's trustee and demand a form. Do not delay in competing it and submitting it. If you submit it you should of course make sure you do it by registered mail. Bankruptcy trustees are slime-bags in my opinion and are not to be trusted. They are almost like lawyers/used car salesmen/realtors (sorry those of you on the forum who are decent) - they will tell you what you want to hear.

Good luck and I sincerely hope you can resolve this quickly and efficiently.

[hadenough]

The EQUITY issue will need confirming.

There are also Bankruptcy Forums that may be worth having a look at. If the OP has equity and can afford a lawyer - then I'd say get one. A lawyer that specializes in Bankruptcy and Insolvency.

There is a decent firm in Mississauga near Square One shopping mall. I don't know where the OP resides but if it's Toronto, then I can recommend an excellent firm. I initially retained a lawyer (not from Toronto) with extensive "B" experience. That lawyer was the worst thing that could have happened to me. It is a very complex area of Law. The BIA is desperately in need of an overhaul as it is far too easy for people to file for "B" and there are MANY Trustees who operate like a puppy mill.

After 5 years in this Circus, I now know who the "go to" people are. I learned the hard way. And the long way.

One must be extremely careful to get the right lawyer for these matters. It is not a Family Law matter. Furthermore, there is no book out there (at the Library or Store) that can adequately assist you to navigate through the rough waters of Bankruptcy.

I can say that dealing with Family Court and the "B-Court" at the same time has been a nightmare but had I retained a better lawyer from the outset, things would not have gone as badly as they did for me.

Still waiting for the axe to fall. The only good news in that is the fact that none of this crap happens overnight. It drags on and on so don't be worried that your house will be snatched up any time soon by the Trustee. There are ways to fight this.. I will have some interesting updates in the new year.

[Unevenplayingground]

Can I ask how you dealt with his name still being on the mortgage? did you eventually get the mortgage put in just your name?

Yes, we had our lawyer transfer the title to just my name and I kept the mortgage at the same bank. It was actually pretty easy, the whole process.

[Demi]

Yes, we had our lawyer transfer the title to just my name and I kept the mortgage at the same bank. It was actually pretty easy, the whole process.

Sorry If I seem dense on all of this, but did you have to qualify to hold the mortage in just your name?

[hadenough]

Oftentimes, it's not "that easy." ^

And yes, one must qualify to be on title. The Bank would want to know that you can pay the mortgage every month.

[Unevenplayingground]

Sorry If I seem dense on all of this, but did you have to qualify to hold the mortage in just your name?

Yes, I did. My mortgage was around $50,000.00, I don't even no if it was that much. We had bought a repossessed home.There was virtually no equity in my mortgage, another reason it made it easy. The way the bank looked at it, was why not let her keep it, she has to pay rent somewhere. My ex-husband's creditors wouldn't have made any money off of it, and I was willing to assume the debt.

[Unevenplayingground]

Oftentimes, it's not "that easy." ^

And yes, one must qualify to be on title. The Bank would want to know that you can pay the mortgage every month.

Agreed, it usually wouldn't be, there were a few factors in my favour that really helped me keep the house. Having no equity, the house needed some tlc (I worked at a building supply store and did all the work myself), and I just barely qualified. I wasn't even making $19,000 (plus cs) a year back then, and had debt up to my eyeballs.