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joined line of credit debt

I have more that $100,000 debt mostly credit cards. I also had a line of credit of $20,000 joined with my wife with a balance owing of $10,000. I have paid it off completely last week and closed it, not knowing that I can not pay more to one creditor. The idea was to save my wife from bankruptcy.

I am wondering what will happen now, when I file for bankruptcy next week?

Posted from: British Columbia

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One Response to “joined line of credit debt”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

You will need to discuss this with a local trustee as practices may vary slightly from province to province.

Technically what you have done is committed a fraudulent preference and this will have a significant impact on your bankruptcy and you will likely have to repay the $10,000 to your trustee so that it can be divided up equally amongst all of your creditors.