Bankruptcy in Ontario

Question: I am separated from my spouse and he is not paying his share of debt which is forcing me into personal bankruptcy. I have tried to sell my home to cover these debts but have not until now and find myself sinking deeper and deeper. My husband has been gone since Nov 07 and has contributed nothing to any debt. Is there some recourse I can take as I would not be declaring bankruptcy if he would pay the debt he owes me. We were married for 30 years and it is before the courts now but I may not be able to last until the court date.
I have tried to save my credit and at this point it is ok but I can no longer keep up. Please advise what I can do.

Answer: Unfortunately there is no way to speed up the court process. Your options are as follows:

First, you can talk to your lawyer about strategies to speed up the court process.

Second, if you are able, you could sell your house and use the funds to deal with your debt. If you are faced with a multi-year legal fight, it may be best to sell the house now and get out of debt now, rather than waiting until your credit gets worse.

Please note that this is a very generic answer, since we don't know the value of your house, or what you owe. It may therefore be wise for you to discuss your situation with an Ontario bankruptcy trustee to determine your possible options.

Labels: bankruptcy Ontario, bankruptcy trustee