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Mr Alain

I’m currently seperated and must sell my house travel trailer and maybe my car. I also have $20000 in credit card debts. Once everything is sold we will still have money owing on the house since we owe more than it is worth on the market and it is the same for the travel trailer and the car. We will be stuck with a debt that must be seperated in half. Once I move into an appartment I will not be able to pay this debt with my credit card debt and be able to live since I’m on a disability pension. However currently she is a co-signer for the car and the travel a trailer and her name is also on the house. Will I be able to claim bankruptcy or will she have to as well?

Posted from: Ontario

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One Response to “Mr Alain”

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

In a situation like this you will find that you will still be responsible for the full balance of the debt. This is both you and anyone else who has signed on that debt (i.e. your ex). There is no automatic separating of the debt into two parts as you are both responsible the debt is paid in full regardless of what happens to the other party. So the result will likely be that both you and her will have to file a bankruptcy as both of you are responsible for the debt. If only one of you files for bankruptcy the other party will be left responsible for the full balance of the debt.