July 30th, 2008 by Questions
I currently have a few student loans that are in collection, my pay is being garnished for the government ones and haven`t received my income taX refunds for a few years because of these. As well my pay is being garnished for a mortgage foreclosure. The house has been sold as well as a vehicle that was also on this loan and may pay is being garnished for this. At this rate it would take me the better part of my life to pay off and never get back on track because I`m loosing so much money monthly due to garnishees. This mortgage loan is in both my name and my husbands, is it possible for just me to file bankruptcy or would we both have to?
Posted from: Ontario
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July 31, 2008 at 10:53 am, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:
It is always possible for you to file a bankruptcy alone, but given your situaiton it likely isn’t the best way to do it. If you file bankruptcy and your husband does not he will be fully responsible for the shortfall on the mortgage.
As it is difficult to give you a definitive answer without actually looking at things in more detail, it would be my guess that the both of you should file. However, it would be necessary for you to consult with a local trustee to determine this for sure.