FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Comments

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Another Joint Account Question

My spouse and I have a joint account in US funds because a portion of his paycheque is in the form of a US Dollar Check. This money has been accumulating for over a year. My question is this….If money in a joint account can be traced through pay stubs (I have them all) to the spouse not declaring bankruptcy, is that money still subject to be seized if the other spouse files bankruptcy?

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Another Joint Account Question”

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

As this money is held in a joint account and it is for the general benefit of members of the household this is money that would be impacted if you were to file a bankruptcy. Essentially, we would view this as joint property, 50% belonging to your spouse and 50% belonging to you and therefore Â½ of that account would need to be liquidated and paid into the trustee. Also be careful how things transpire because trying to move these monies out of a joint account and into one of your husbands accounts will forfeit your husbands entitlement to his 50% share and you will likely have to have the full balance of the account paid into the bankruptcy estate.

As this is a somewhat confusing area I suggest you sit down with a licensed trustee and have him review the specifics behind why these funds would be treated in this manner.