spouse assets in bankruptcy

December 15th, 2009 by Questions

i want to file bankruptcy and my spouse is business owner. He does not want to be a part of my bankruptcy. We have nothing joint. His assets are in his name only. Is there a way his income and assets are not considered in bankruptcy.

Posted from: Alberta

Questions

One Response to “spouse assets in bankruptcy”


December 16, 2009 at 9:15 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

If all your debts and assets are separate and always have been, then there is a way for a bankruptcy or a consumer proposal to ve filed just based on your income and assets. However, the way the legislation requires this to be done can often end up costing you a little more.

What takes place is there is a guideline that is put together by the Superintendent of Bankruptcy, it is called the surplus income obligation and it ultimately calculates what the cost of filing a bankruptcy is. When a spouse “refuses” to provide information this allowable amount on this guideline is reduced by 50%, so sometimes the result is the cost of bankruptcy can be greater, but it really depends on the figures we are dealing with.

This is a confusing issue and one I suggest you discuss directly with a local trustee.

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