October 28th, 2006 by Questions

Quick Question.
My ex common law girlfriend and I had signed a mortgage together, we’ve seperated and I am now residing in the house awaiting the mortgage to be put into my name only . She has just now filed for personal bankruptcy. Will this affect my credit since both of our names are on the mortgage????


3 Responses to “House”

, Barton Goth, GCO Inc. Bankruptcy Trustees said:

As long as there is no default in the terms of the mortgage her filing a bankruptcy in Canada should have no impact on your credit (assuming you haven’t been listed as joint borrower for any of her other debts).

, Anonymous said:

What happens if I file for personal bankruptcy, our house is in both our names, and my wife pays all mortgage etc on this house, will the house be affected?

, A licensed trustee said:

The answer depends on the value of the house, and the amount outstanding on your mortgage. If there is equity in the house, the house may be impacted by a bankruptcy. However, the rules are different in each province, so for a specific answer you should contact a licensed trustee.

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