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joint debt

If i claim personal bankruptcy for my personal debt will the person i have joint debt with have to claim bankruptcy and lose his half of the assesets or will he assume the debt for the joint debt

Posted from: Ontario

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One Response to “joint debt”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

If you file for a bankruptcy there is nothing that will force a joint debtor to file a bankruptcy. They always have this option but realistically if they are in a position where they are able to continue the payments on the debt they are listed on, then they won’t have any difficulty. My adivce is to warn them in advice, so they know they are in a position where they have to make arrangements for the payments and the accounts don’t go into default and impact their credit.