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| Author: |
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Bucky |
| Date: |
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December 20, 2003 |
| Question: |
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I have $35,000.00 in credit card debt. All my name only. Having severe trouble in keeping up. Considering OPD or bankrupcy. Will my wife be cosidered on my personal debt? Joint title on house (est 50000.00 equity) Have some consulting firm. Wife is partner. What could happen here? Help please. Thank you.
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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December 23, 2003 |
| Answer: |
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Your wife will not be liable for your debt unless she also signed for it
or has secondary cards on your credit cards. In Alberta, you are allowed
to claim a $40,000 exemption for the house so the Trustee would require
payment of approximately $5,000 for your interest in the non-exempt
portion of the house equity. As far as the partnership is concerned
there are a number of factors that could come into play in a bankruptcy
and I'd suggest you talk to a Trustee directly.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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