Bankruptcy Services of Collins Barrow Limited - for Calgary and Edmonton, Alberta

Author:		Susan
Date:		April 27, 2000
Question:		I have a friend who recently discovered her spouse has credit cards in his name only owing over $12,000. She was unaware of these cards and he is now wanting to file for personal bankruptcy. She does not and is concerned about their joint holdings (car, home and credit card). Please advise as to what will happen to her in this situation. Will he be able to do so without her involvement? Will her credit rating suffer?


From:		Shane Brenneis, Collins Barrow Limited
Date:		May 7, 2000
Answer:		If your friend has not taken any responsibility for the debt, her husband's creditors can not pursue her just because they are married. If she has, they can pursue her for the total debt owing and not just half. Certain assets are exempt and it will depend on the province she lives in as to what can be kept by her spouse. However, her husband's trustee can only pursue his half of any asset value. It may be in her best interest to go with her husband to the first consultation so she is aware of her rights and can have her questions answered. To obtain a free assessment/consultation, your friend should contact a Trustee in your area by looking in the yellow pages under "Bankruptcy". If you have any further questions or want to come in for a free assessment to our office, please call or email me using the information below. Shane Brenneis phone: (403) 298-1575 sbrenneis@collinsbarrow.com