Author:		Anonymous
Date:		January 2, 2008
Question:		I was married for 9 years. During my marrige my wife and I financed a mini-van. We were unable to make the payments and the van was returned to the dealership. I was the primary on the contract and my wife the co-signer. There was an outstanding balance of $12, 000. We have since separated and immediately following our separation my ex declared bankruptcy. Is this debt now solely mine or can she be held responsible for any portion? If I declare bankruptcy for the balance I will wreck my credit rating right?
From:		Vanessa, Grant Thornton Alger Inc.
Date:		January 9, 2008
Answer:		If you and your wife continue to be liable for this debt, then, in the event of her bankruptcy, the financing company can continue to pursue you for any oustanding amount. If you make an assignment in bankruptcy, it would include all of your debts. If you are having financial difficulty, please contact our office or, if you are not in Alberta, a Trustee in your area of residence to discuss your situation and options, which may include orderly payment of debt, making an informal or formal proposal to your creditors or bankruptcy. Vanessa Grant phone: (403) 296-2977 If you wish to talk to one of the Calgary bankruptcy professionals at Grant Thornton Alger Inc., you can call us TOLL FREE from anywhere in Alberta at 310-8888. After hour appointments at our Calgary bankruptcy offices are available.   Or you can click here to submit a question to the Calgary bankruptcy Q&A forum

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