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join chequing account

I am thinking of going bankrupt. My spouse and I have a joint chequing account (our main account with our pay cheques going into this account), as well as a VISA credit card. Both accounts often go overdraft. How would this account affect my spouse? Can the creditors take money out of the chequing account? Can I call the bank and say `remove my name from the accounts because I plan to go bankrupt`? I owe the bank $20,000 in a loan, a line of credit and $20,000 in the VISA. My spouse wants to keep both accounts though.

Posted from: British Columbia

One Response to “join chequing account”

A licensed trustee said...

You may certainly ask the bank to remove your name from the account and the debt – whether or not they will do so is up to the bank.

If you have decided to file for bankruptcy then you should open a new account at a financial institution that you are not currently dealing with (indebted to). We suggest this because if you continue to use your existing account and you owe that bank money they will go into the account to take what you owe them. Whether or not it’s legal for them to do so is moot if they’ve already taken your paycheque and you can’t buy groceries or pay the rent…