FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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My Debt vs. Wife`s

I have three CC`s max`d w/me as the primary and my wife as a co-signer, a house both under our name, a car loan under my name, a LC under my name and a CC max`d under my name. Total above except for mtg is 53000. My wife is current on mat leave receiving EI, but I have had trouble paying my creditors for a year now and the collection agencies are after me. I can`t pay the min. payments anymore. Can I file bankruptcy w/out affecting my wife and our house?

Posted from: Ontario

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One Response to “My Debt vs. Wife`s”

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

If you wife is listed as a co-signer, there is really isn’t a way to file a bankruptcy without affecting her, assuming the third debt she has signed on is an unsecured debt.

As for the house, this is difficult to determine based on the information you have provided. Largely this will be determined by the amount of equity you have in that house. My recommendation would be to contact a local trustee with the details (i.e. value of house and the total amount of the mortgage) and they will be able to explain what, if any, the ramifications of a bankruptcy on the house would be.