Can my house be affected by bankruptcy

Date: Thu, 08/16/2007 - 07:49

Submitted by anonymous
on Thu, 08/16/2007 - 07:49

Posts: 202330 Credits: [Donate]

Total Replies: 5

I am hoping someone could answer this question for me. I live in Toronto, Ontario and am a joint home owner with my boyfriend.

I am contemplating personal bankruptcy but want to make sure my home is not affected by it. Because both our names on on the property (and I don't want my boyfriend finding out about this - too embarrassing) will they leave it alone as I know for sure that he will not approve of any equity being used from the house.

HELP! Any advise would be great.

If you had been under the US laws, BK filing will appear on the

If you had been under the US laws, BK filing will appear on the credit copies of both of you. Since you and your bf have your names on the property, if anyone files for bankruptcy, the info will appear on the other person's credit copy. His credit will also be affected because of your filing. Although the laws are quite similar in Canada, you should confirm it with a bankruptcy attorney in your area. Another member posted this link in a different thread. You'll find it helpful

bankruptcycanada.com/question1.htm

lrhall41

Submitted by Johnson4485 on Thu, 08/16/2007 - 10:17

( Posts: 399 | Credits: )

This was taken from the Bankruptcy Canada website: Your spous

This was taken from the Bankruptcy Canada website:

Your spouse, whether common law or married will not be affected by your bankruptcy if he or she is not responsible for any of your debt (did not sign an agreement or contract for any of your debt). If they have a supplemental credit card they are probably responsible for that debt. Your spouse's credit rating will not be affected by your bankruptcy and any assets in the spouse's name will not be part of the bankruptcy.

If your spouse is responsible for any of your debt or has his own debt then the spouse may have to file bankruptcy too.