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

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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.

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Joint or seperate?

What is the difference between spouses filing joint bankruptcy or individual bankruptcies, where debt is both joint and individual?

Posted from: British Columbia
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One Response to “Joint or seperate?”

A licensed trustee said...

In order to file jointly your debts need to be “all or substantially all the same”. In common law this means 90% or more of your debts are identical. If they are not then you shouldn’t be allowed to file jointly.

If they are then you need to decide whether or not it makes sense to complete the porcedure together. There may be a cost savings – paying for the procedure once instead of twice, but depending on your personal situation you may stioll want to keep things separate. This is the sort of thing you need to discuss with which ever trustee you are delaing with in detail BEFORE you file – there are too many variables for me to give you a decent answer here.