February 5th, 2008 by Questions
can i declare bankruptcy if im a co signer on a morgate and a line of credit and if so what happens to my spouse we are seprated he has the house
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February 06, 2008 at 10:13 am, Barton Goth GCO Bankruptcy Trustees said:
The line of credit is the easy part, if you file for bankruptcy you are essentially removed from this line of credit and the cosigner will be responsible to see the full balance paid.
The house is a bit different and you will need to contact a local trustee. With real property things get a little more complicated and things like who is on title, who is living in the house, what is the provincial exemption allowable, how much equity in the house become can have a significant impact on what will play out.