What to do?

March 11th, 2008 by Questions

I have been seperated for over a year. My ex is claiming bankruptcy we still have the home which as not yet sold in both our names. I have some RRSP`s in my name and a little money in a savings account will it be safe. I have saved this money since seperation.


One Response to “What to do?”

, A licensed trustee said:

You will only be affected in your ex’s bankruptcy for joint assets and joint debts.

The house is an example of a joint asset. When/if he files for bankruptcy his share of the house will be signed over to his trustee. In other words, you and his trustee will be selling the house and splitting any money that is left after closing.

A joint debt might be a loan you both signed for, a line of credit you could both use, even a credit card if you had a copy of one of his. Whe/if he files for bankruptcy you may be held responsible for any joint debts that you have with your ex.

Your RRSP and savings belong to you and therefore shouldn’t be factored in to your ex’s bankruptcy.

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