Does it affect the other party of the common-law relationship?
June 16th, 2015 by Questions
In a common-law relationship if only one of the people need to declare bankruptcy, does it affect the other party of the common-law relationship? Also, the home we purchased is in both names. There is an outstanding mortgage since we had only moved to NB 6 years ago. Will we lose our home? My partner does NOT want to declare bankruptcy.
One Response to “Does it affect the other party of the common-law relationship?”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
June 16, 2015 at 5:54 am, Desmond West-Chow, CIRP said:
There may be a couple of ways that the other party could be affected when one of the two files bankruptcy. The first, is if there is any joint debt. If there is, the non-bankrupt partner would be responsible for the outstanding amount. The other way in which your spouse could be affected is dealing with the jointly owned property. As assets are something unique to each province, it is best to discuss these matters with a local trustee in a consultation. Sitting down with a trustee and discussing your situation is commonly available free of charge, and there should be no obligation to get detailed information about your individual situation.