Equity in previous home

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SK

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Equity in previous home
« on: June 07, 2014, 08:59:42 PM »

I had a company in Quebec that went bankrupted in 2005. Then in the same year I moved to Toronto and start working in a small company. My fiancÚ at that time and I bought a condo together. We were both on the title of the house but he was the one who put the downpayment and paid the mortgage. The condo was sold in 2010 and my husband purchased a townhouse with the money he made from the sale, which was only under his name.
Then in 2011, my wage started to be garnished by Revenu Quebec and I had to contact them to find out what was going on. So basically, they have issued to me a notice of assessment in 2007 for the debt of the company and claimed that it was sent to the address they had on file which was an address in Quebec where I no longer live since 2005. So I didn't know about it until 2011 and the debt has accumulated penalties and interests to the point I cannot afford to pay with my salary - $530,000.00. Now, I am considering doing a bankruptcy but can they go after the equity of the condo even though it was sold 4 years ago and I didn't put any money in? I need advice! Thanks

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Nevergiveup

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Re: Equity in previous home
« Reply #1 on: July 06, 2014, 09:13:28 PM »
I would go for a  free consultation with a trustee to  find out what are my options .
Good luck

 

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