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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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Joint Investment Accounts

Hello,

I have approximately $170,000 in unsecured debts. Assets – I have $60,000 in home equity and I am on a joint investment account with my parent for $800,000.

I cannot afford the debt load and am not able to access the money from the investment account even though the parent is worth several million. A loan through the parent is not possible.

If I consider bankruptcy, would the court take money from the joint investment account which I cannot access without joint signing (which the parent is not willing to do)?

Thank you.

Posted from: Ontario

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One Response to “Joint Investment Accounts”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

There is a very good possibility that the joint investment account may be at risk if you file a bankruptcy. But it is impossible to tell with such limited information. What you would need to do is to contact a local trustee, bring them any related documentation that is associated with this investment account and they would be in a better position to help you determine this.