Alberta Bankruptcy

Author:

Anonymous

Question:

My husband wants to file for bankruptcy. We have a joint line of credit and a credit card account which I am a secondary card holder (different card number than his). The rest of our debts are seperate credit cards. Our house is in my name only and has no equity in it. If he files what happens to my credit? As well, what happens to the line of credit and credit card we share? Thank you so much!

From:

Alger & Associates Inc.

Date:

Dec 08, 2008

Answer:

The line of credit and credit card accounts that you jointly hold will become your primary responsibility as your husband will no longer be liable if he files a bankruptcy. This means the full amount becomes your debt. As long as you pay, you will have no problems. Ownership of the home is determined by who is on title. If he is not then the house is yours and the equity is not in question.

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