Which spouse should file Bankruptcy?
February 17th, 2011 by Questions
My longterm boyfriend (common law by now) and I are both in a bit of debt, mine is a little more due to a student loan – total about $25 K, his total about $22K. He makes much more money than I do as it is, especially right now since I\’m on EI due to moving to a small town for his job and finding no job for myself. One of us needs to clear off our debt so we can help the other one out and save for a house before we go another 10 years trying to pay off our debt but ending up acquiring more. Which of us should take the bullet? We have a vehicle in both our names valued at $20K that we intend to keep since we just paid it off. Can that vehicle remain untouched if one person declares bankruptcy? My student loan won\’t be cleared if I do, but if it\’s him then won\’t he have to pay a portion back to the government each paycheque since he makes excess of the allowable amount of $1870 or whatever it is? Is that amount higher since he\’s not single? What should we do?
Posted from: British Columbia