We live in Alberta. My husband was a partner in a small business which has since gone under and the main proprietor has died. The company is being sued for a tremendous amount of money and the lawsuit names my husband as part of the lawsuit. If we lose the lawsuit and he has no assets in his name should he declare bankruptcy? If he does declare bankruptcy will I be affected if everything is in my name?

Bankruptcy may be an option, but there are certainly other options available. Whether it will affect you will depend if you signed any of the loan documentation.

The best thing to do is to obtain a free assessment of your complete financial situation. There is no obligation for this and it would give you the options for you to consider ahead of time. If you want to come in for an assessment or if you have any further questions, please contact me using the information below.

We also have offices in Edmonton (780.414.1133) and Red Deer (403.350.2266) or call us on our toll free number (310-8888).

Shane Brenneis
403.296.2975
sbrenneis@moneyhelp.ca