Joint debt

June 22nd, 2009 by Questions

Hello My husband and I are now separated. We owe approx $50000 in debt on visa and line of credit joint. His father is a millionaire and has provided me and my husband with support for 2 years with wages from his businesses since my husband has cancer and I was a nurse that took care of him for the past two years. My husband kicked me out. If I declare bankruptsy does he have to too? Also, we have a house with his father joined 3 ways. How do I deal with this? Thanx

Posted from: British Columbia
Columbia

Questions

One Response to “Joint debt”


, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

There are a number of issues here.

First, if your ex is listed jointly on any debt, if you file for bankruptcy then he will be left responsible for the full balance owing on those accounts he was jointly listed. So he may have to file a bankruptcy or potentially may look at one of the options to bankruptcy that exist.

As for the house, this will depend on the amount of equity and what part of the province you live in. But you are best to discuss this one with a local trustee.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)