Bankruptcy and Marital Separation
My husband & I have been separated for 3 yrs. I am prime and he is co on a joint visa and credit line. He is semi-retired and receives income from work, OAS, CPP, Alberta pension, and his RIF; I do seasonal work and at this moment I`m on EI, and have no investments. If I declare personal bankruptcy, does it involve my husband and his income/RIF,pensions in any way?
Posted from: British Columbia
If you declare a bankruptcy it will definitely involve your husband. The reason it will involve him is that the moment you are cleared from the debt (specifically the joint visa and credit line) then he will be fully responsible for the balance. So he will have to make arrangements to continue payment. This has nothing to do with the type of income he receives and more to do with the fact that he has signed on the contracts and verified that regardless what happens to you he will ensure the contracts are paid in full.