Question: How does my personal bankruptcy affect my spouse?
Answer: The short answer is that filing personal bankruptcy in Montreal does not affect your spouse, provided you have no joint debts with them.
The longer answer is that if you have joint debts, they are responsible for those debts once you go bankrupt.
Full details are available in our article on bankruptcy and your spouse.
Question: Will going bankrupt in Montreal affect my Retirement savings, which is under 1,000$?
Answer: It depends. If your RRSP is locked in as a result of your previous employment, than it is exempt from seizure in a bankruptcy. In most other cases you will lose your RRSP if you go bankrupt.
The specifc answer in your situation will depend on various factors, so we suggest you consult a Montreal bankruptcy trustee to arrange for a free initial consultation to review your situation in more detail.
Question: I am in debt of more than 45000.
Can I declare bankruptcy in Montreal and not lose my house or pension?
Answer: The answer depends on the value of your house, and the amount owing on your mortgage. In most cases you will not lose your pension if you go bankrupt.
To determine what will happen in your situation, please contact a Montreal bankruptcy trustee for a no-charge initial consultation to review your options.
Question: If I have 35 000$ in debts, and I made less than 20 000$ last year..(my common law spouse made about 19,000) can I still declare bankruptcy in Montreal?
Answer: Yes, you can declare bankruptcy. The real question is whether or not bankruptcy is the correct solution for you. If you are earning $20,000 per year and have $35,000 in debts, it is unlikely that you will be able to repay your debts on your own, so bankruptcy may be the correct option for you.
We suggest you contact a Montreal bankruptcy trustee to review your options, and to explain the cost of bankruptcy, which is based, in part, on your family income.
