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| Author: |
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Evelyn |
| Date: |
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April 24, 2003 |
| Question: |
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My husband of 10 years has been retired for 7 years now and his source of income is from his pensions (CPP and OAS). Before we were married he helped his friend and signed a mortgage for him (big mistake!). My husband tried to make payments but eventually could not. Since last year, a collection agency for CHMC has been harassing and threatening him for amount over $34K. Prior to serving him, his brother decided to put their names to their 89 year-old mother's properties. So now this collection agency is trying to sell the property that has my husband's name together with his mother's in the title. My husband does not have any assets except for the spousal RRSP that I bought for him last year and some years ago. He's thinking of filing for bankruptcy because I refuse to help him. How would his mom's property be affected? Would he lose the Spousal RRSP? And is it possible for me not to get involved in any way at all from the start of the bankruptcy process to the end?
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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April 24, 2003 |
| Answer: |
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In a bankruptcy the Trustee would be required to realize on your husband's interest in his mother's property. The RRSP in his name, even if the contributions were made by you, would also be recoverable by the Trustee unless the RRSP was held in an exempt plan. You would not need to be involved if you are not on any of the debt. I'd suggest your husband obtain legal advice about this situation.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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