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seperated

my husband and i have been seperated (not legal)for two years. 1) we have co sighned a student loan line of credit for our daughter. What will happen to this? 2)what will happen to spousel rrsp’s. 3) can they take his pension? My lawyer is trying to go after some pension in the divource. 4) my name was on one of his credit cards but taken off over a year ago. will i still be responsible?

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One Response to “seperated”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

Hello,

I am assuming that you are contemplating a bankruptcy. If this is a correct assumption then any debts you are listed on must be listed on you bankruptcy. Ultimately this should have a significant impact on your daughter (assuming that she has kept herself in good standing), but essentially you name will be removed from the documents. As for spousal RRSP’s, this depends who made the contributions, what type of institution they are held by and whether or not there is a beneficiary listed on the policy. For a clear answer relating to these RRSP’s gather up any information you may have on these and sit down with a licensed trustee. Once he sees these documents he will be able to help you understand what will or won’t happen to these investments.

In Canada if someone consumer proposal or a bankruptcy your typical pension proceeds are exempt from seizure, but this is a good thing to also disuss with the trustee. As for the credit cards, if you name has been taken off then you are not responsible, but you may want to confirm this with the lending organization.