Question: Hi, Here is my situation. I am 52 years old and I suffer from a chronic disease and my doctor had me apply for Canada Pension Plan. I have an education debt of 30 000$. My husband (who is 62 years old) and he cosigned for me but he is on WSIB until his retirement. If I file for bankrupcy, will he have to reimburse my debt?
Thank you
Answer: If your husband has co-signed one of your debts, then he is responsible for that debt if you don't pay. If your husband's only income is WSIB, it is likely that the creditor would not be able to seize his WSIB, so he does not necessarily need to go bankrupt. I suggest you contact a trustee for further information, and to decide if bankruptcy is the correct solution for you and your husband.
Thank you
Answer: If your husband has co-signed one of your debts, then he is responsible for that debt if you don't pay. If your husband's only income is WSIB, it is likely that the creditor would not be able to seize his WSIB, so he does not necessarily need to go bankrupt. I suggest you contact a trustee for further information, and to decide if bankruptcy is the correct solution for you and your husband.
Labels: bankruptcy Ontario
posted by Questions @ 11:41 PM
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