Personal Articles and Bankruptcy in Ontario

And on the same topic. If my husband has assets and I have assets, is the bankruptcy only interested in my assets?

Both of our cars are in his name, does that mean one must be assigned to me?

My husband guaranteed a percentage of some of my loans. Our house is in his name and has little or no equity. Does my husband also have to declare personal bankruptcy? Can he make a proposal to pay his portion over time?

Answer: Only the bankrupt's assets are considered in a bankruptcy. If a wife goes bankrupt, her husband's and children's assets are not considered (unless she transferred significant assets to them just prior to the bankruptcy).

If your husband has guaranteed some of your loans and you go bankrupt, he could either continue making payments on the loans, or go bankrupt or file a proposal. IF most of your debts are in common, a joint proposal may also be an option.

Labels: bankruptcy Ontario, what do I get to keep if I go bankrupt