My common-law received a severance package from his employer in the the fall of 2001. Since that time he has been working as a consultant for them. He currently has approx. $15,000 in credit card debt and $57,000 owing on a personal loan secured by his truck. We are thinking of selling the truck (should get about $30,000) for it putting this on the loan and he will probably have to declare bankruptcy. He has also not been submitting income tax payments for this consulting income. If he declares bankruptcy can revenue Canada come after him? He will be seeking other employment but his wages will not cover the debt he currently owes. The property we live in is in my name only and I own a vehicle (are these protected as they are in my name?) Thank you

Canada Customs and Revenue Agency (Revenue Canada) would be a creditor in your common-law spouse's bankruptcy. Your debts and assets would not be affected by his bankruptcy.

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca