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

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*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.

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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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Declaring bankruptcy

My husband and I owe about $50,000 in debt between us. His credit rating is terrible but mine is very good. We only have 1 joint account, a line of credit in the amount of $20,000. If he were to declare bankruptcy, can he do it alone, or will it have to be both of us based on the fact that we have that joint account?

Posted from: Ontario

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One Response to “Declaring bankruptcy”

A licensed trustee said...

Yes, your spouse can file by himself to deal with his financial problems. The only direct impact on you is the fact that you will be held 100% responsible for the joint debt of $20,000.