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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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Ms.

Good day. My spouse owes over $80K in unpaid credit card debt solely in his name and unpaid taxes from his company which I served as bookkeeper/office administrator and 49% share holder for the past year. We have been common-law for 9 years now, have an 8 year old child, and we have a mortgage of $220K for the past 6 years on a house that may be worth this or slightly more.
My question is this: He wants to declare bankruptcy. I have excellent credit. In the event he does declare bankruptcy, will we be forced to sell our house? If not, would I have to “qualify” to have the mortgage remain in my name?

Thank you for your time,

Anonymous in Nova Scotia

Posted from: Nova Scotia

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One Response to “Ms.”

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

I wouldn’t expect that filing for bankruptcy would result in you losing your house. A bankruptcy is really directed at secured creditors and won’t impact the mortgage at all, as long as you are current on your mortgage payments at the time of filing.