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If you file bankruptcy, your wife can be affected in two ways:
- if she is responsible for the debt as well, the creditors can then
pursue her and if so she may have to look at a possible solution to her
debt problems
- the bankruptcy act requires that the family income be reported to your
Trustee each month. Therefore, even if she doesn't file she will still
have to record all of her income and expenses on your monthly reporting
sheet.
If your rent is up to date then there should be no reason why you would
have to move.
Your wife's debt to her parents and the loan to CMHC can continued to be
paid by your wife if she is not in bankruptcy and is still responsible
for the debt..
What you are allowed to keep in a bankruptcy varies from province to
province. You should contact a Trustee in your area to attend a free assessment of your financial situation.
If you have any further questions or want to come in for a free
assessment, please call or email me using the information below.
Shane Brenneis
phone: (403) 298-1575
sbrenneis@collinsbarrow.com
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