Bankruptcy Question & Answer Forum - Canada

Author:		Cyprien
Date:		April 25, 2005
Question:		My daughter separated from her husband and moved to Manitoba and had all legal bills etc. moved over to her husband except for the mortgage on their home on which she had to leave her name on for one full year,that they had just bought. The husband is now tryimg to file for bankrupcy on his loans and mortage which amount to about $200,000. He is working making about 60 to 70 thousand dollars a year. Can he file for bankrupcy and will she be liable for any debts?
From:		Ann Clarke, Alger & Associates Inc.
Date:		April 26, 2005
Answer:		If your daughter's husband has debts in excess of $1,000 and is unable to pay them then he should qualify for bankruptcy. Secured debts such as mortgages are not affected by bankruptcy and must continue to be paid to keep the asset. Your daughter will liable for any debts that still have her name on them. Ann Clarke phone: (403) 296-2972 aclarke@alger.ca