A. Farber & Partners Napanee, ON Licensed Insolvency Trustee

A. Farber & Partners Inc., 1-844-294-7980
36 Bridge Street East, Napanee, Ontario K7R 1J8

 

Debtors in Napanee, ON, considering bankruptcy can consult our experienced Licensed Insolvency Trustee, for expert information and advice.

 

A. Farber & Partners Napanee, ON Licensed Insolvency Trustee

36 Bridge Street East
Napanee, Ontario K7R 1J8
Canada
Phone: 1-844-294-7980

 

Bankruptcy in Napanee, Ont.

 

A key aspect of bankruptcy in Canada that most debtors seem to be misinformed about is regarding the impact on joint assets in a bankruptcy.

 

Joint assets are property, vehicle, bank accounts and other assets that you as a debtor own jointly with your spouse.

 

So, what happens to these assets when you file for bankruptcy?

 

According to the Bankruptcy and Insolvency Act – BIA – of Canada, you, the debtor, are responsible for whatever money you owe creditors.

 

It is also the underlying principle for dealing with joint assets.

 

In case of joint bank accounts, for example, your share of the money in the account, is alone liable to be seized.

 

Calculating the amount that is yours alone can be tricky, which is why the expertise of a bankruptcy trustee is important.

 

The licensed insolvency trustee handling bankruptcy cases at our Napanee, ON firm, is highly experienced in such matters.

 

The trustee listens to you during the initial free consultation and understands your debt situation.

 

The trustee studies any joint assets that you may own with your spouse.

 

If in case your spouse wants to make a claim to a certain portion of the seized amount on the grounds that it is his or her money, then the spouse is entitled to do so legally.

 

But your spouse must first show proof for such entitlement.

 

In case of other joint assets such as property, vehicles, furniture, art works, and others, you, the debtor, are liable according to your share in the property.

 

Ontario’s bankruptcy exemption laws need to be considered along with BIA to ensure appropriate asset disbursal and debt repayment.

 

Say, for example, your spouse and you own your home jointly, and your share in the home amounts to 50% of the total property value.

 

In Ontario, a debtor’s main home is not liable to seizure if the equity amount on the home falls below $10, 000 (this maximum value varies from province to province).

 

Say, your equity amount comes to $30, 000.

 

So, your home is an asset that cannot be exempted.

 

In such a case, your home could be sold and your 50% share in the home- 15, 000 – can be seized for repayment.

 

Our trustee can guide you regarding available legal options that not only allow you to save your home but also enable you to declare bankruptcy in such cases.

 

A thorough knowledge of bankruptcy local laws is crucial when it comes handling joint accounts.

 

Our trustee has had a great success rate with local Ontario bankruptcy cases.

 

Debtors that chose our Napanee, ON firm’s licensed insolvency trustee, were able to realize rightful benefits from local exemption laws and were able to rebuild their lives successfully after bankruptcy.

 

Let our bankruptcy trustee guide you if you are in an overwhelming debt situation and are worried about your joint assets.

 

Be prepared to disclose correct information about all your assets and liabilities for the right solution.

 

Sources:

https://ginsberg-gingras.com/en/bankruptcy-and-the-impact-of-joint-debts-on-your-spouse/

https://www.hoyes.com/blog/what-happens-to-joint-property-in-a-bankruptcy/