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My wife is filing bankruptcy – What does that mean for me?

Hello.

My wife and I split up 3 years ago. NO courts, no divorce nothing of that sort.

We have a house together ( with very little equity ) Also both our names are on a Vehicle loan and I cosigned a line of credit for her.

Recently she told me she plans on filing bankruptcy. What does that mean for me? Will I be taking on half of the debt? or all of it.

We agreed apon her taking the house and debt. BUT this was all mutual agreements. She has been trying for the past 3 years to remove my name off all the debt, but can’t due to her credit be very poor.
What does my future look like if she goes that route?

Posted from: British Columbia

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One Response to “My wife is filing bankruptcy – What does that mean for me?”

Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said...

Such debts are joint and several which means that the creditor can go after you for the whole debt. Any agreements that you may have with your wife do not change the creditors rights to go after you.