FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

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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What Happens

If only one spouse declares bankruptcy, debts and Mortgage are in his name. How will this effect the possessions (furnishings) of the other spouse? As a bankrupt is only allowed $10,000 in furnishings. Also if there is Equity in the home how is this determined will the spouse loose her equity in the home?

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One Response to “What Happens”

A licensed trustee said...

If one spouse goes bankrupt, the other spouse’s assets are not impacted by the bankruptcy.

Calculations of home equity are more complicated, and the amount of furnishings that are exempt in a bankruptcy varies from province to province, so we suggest you contact a licensed trustee to fully explore your options.