Bankruptcy And Divorce

2010-03-15   minute read

That's a really good question.....and something we see a lot of. I usually tell people who contact us, or their lawyers, that they should meet with their lawyer and with the bankruptcy Trustee at the same time.   Not meaning in the same meeting......but if you meet with the lawyer on 1 day, you should be talking to the Trustee on the next. It can make a big difference to a few things if you file for bankruptcy first or 2nd, if you leave the matrimonial home before or after bankruptcy, if you sign off on some assets. For example....your spousal support payment could be different if you've already filed for bankruptcy.    Your matrimonial agreement could be challenged if you agree to take on certain debt, and then end up filing for bankruptcy       over that debt.    You need to be careful about transferred away assets if you are insolvent.      If you own a matrimonial home together, filing for bankruptcy can affect what each of you will get to keep out of the property. I would recommend that you contact one of our counsellors to discuss the specifics of your situation.  At the same time, getting legal advice if you need it regarding the divorce. There may be assets you can protect......or could lose....depending on what you file first. Our offices and Trustees/counsellors can be found on our website at Donna Carson, CGA, CIRP, Trustee Calgary and Central Alberta regions 1.877.500.0792    [email protected]    

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