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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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bankruptcy and common-law assets

I am considering bankruptcy. How will this affect my partner as far as any assets? My debts are not co-signed by him however; we have assets which are not in my name. Will these assets be at risk?

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One Response to “bankruptcy and common-law assets”

A licensed trustee said...

The only assets that may be affected by filing bankruptcy are assets that you own (or jointly own). Any assets owned solely by your spouse will not be involved in the procedure.

On a related subject – you want to make certain you discuss Surplus Income with your trustee. The amount you may be required to pay to your trustee each month will be affected by your spouse’s income. This is really the only way your spouse is directly involved in your bankurptcy.