looking for advice
We live in Ontario. We believe that one of us needs to file bankruptcy. We owe over $75,000 in credit card & loan debt and are have a rough tome making the minimum payments. We also have never missed a payment and never been late. We have a mortgage of $300,000 as well as a car lease in my husbands name.
One of the loans is joint and most of the credit cards are in his name. If he files for bankrutpcy will I have to do the same? Will we loose the house and car lease?
If I also file, will I loose my RRSP through work, and will my work find out that I have filed for bankrutpcy?
Looking forward to your response.
Unfortunately, based on the information that yiou have provided, I can’t tell you whether or not you should file alongh with you spouse.
Here’s how you decide: when/if your spouse files you will be held responsible for any joint debts. If you co-signed or co-borrowed a loan, if you had and used copies of his credit cards then you will be jointly responsible for those debts. If you can afford to maintain the payments (after your spouse files) then you won’t need to file yourself. If you cannot then you probably will.
Whether or not you keep your home will depend on whether or not you have a accumulated any equity in the property. If you have any equity in the house then an amount equal to your equity will have ot be paid to your trustee – or the truste will be required to sell the home.
Employers are only contacted if a person is being garnisheed or if you fail to report your income properly to your trustee.
Some of my answer may not make much sense – I suggest you take the next step and contact a trustee in your area and have a conversation with them regarding your situation. I realize this is a difficult step for many people to take, but based on your questions it is a step you need to take.