If I file personal bankruptcy, is it going to affect my spouse’s assets?
If I file personal bankruptcy, is going to affect my spouse’s assets like house, ins. policies, some saving in bank. He also has car on his name too ($30000). What’s the meaning of household goods limit in Ontario? When they calculate household goods, are they calculate spouse’s assets too like car, saving etc.?
Thanks in advance.
Your filing bankruptcy will not affect the assets belonging to your husband.
Household goods include home furnishings and do not include things such as cars and saving accounts.
Household goods are assumed to belong to the husband and wife 50-50.
A garage sale value is used to estimate the price of the household goods belonging to the person filing bankruptcy.