Will my spouse’s assets be held in trust if I file for bankruptcy? Part 2
Due to the response to the post: Will my wife’s assets be held in trust if I have to file for bankruptcy?
We have decided to add additional information on the above topic:
Although people are married or living together they are not responsible for each others debts. Each person owns assets and liabilities independent of each other whether you are married or living common law.
There is an overlap if a partner has signed a guarantee or has co-signed the debt of their partner. The protection given to the person who has filed bankruptcy or filed for a consumer proposal does not apply to their partner. In other words, your bankruptcy does not dissolve the responsibility of anyone else. If your spouse co-signed a loan for you, your spouse would be liable to pay the loan in full.
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Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.