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Alberta bankruptcy Q&A forum

Question:

 

Hi, I have substantial credit debt. Unfortunately some of what is in my name is joint with my parents, like the house and a bank account. If I decide to declare bankruptcy, how will that affect those items or their credit? Thank you


From:

 

Grant Thornton Limited

Date:

 

Apr 15, 2016

Answer:

 

Hello, If you are able to continue to make the mortgage payments which are joint then your parent's credit will not be affected. However, if you are unable to pay as arranged by the bank then your parents will also be responsible for the joint debt outstanding. If you had additional questions concerning bankruptcy or payment plans please do not hesitate to contact our office at 310-8888.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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