Marriage Breakdown And Bankruptcy

I'm sorry to hear about your situation but you are doing the right thing in looking into both matters at the same time (the separation and your creditors).  It can make a big difference in what you may file and when. That is to say: if you're having to look at bankruptcy, do you file it before you draft up any Separation Agreements, or after? We so commonly see Agreements written between the spouses (whether through a lawyer or not) that do not take into account the rights that your creditors may have. For example, your husband may agree with you to take on a specific joint debt, but no one got the consent of the creditor for that. If he subsequently files for bankruptcy, the creditor can pursue you even though your Separation Agreement said he would pay them. I would highly recommend that you meet with a Trustee or one of our Counselors before you sign any Separation Agreement or before you leave your residence. If it is a somewhat amicable situation, you & your husband may both want to meet with one of our Counselors at the same time. Not a necessity that you meet together....but particularly if there is any joint debt or assets. If there is no joint debt or assets or it is not amicable, you can certainly meet on your own. But the timing can be crucial depending on your situation. The first step is to contact one of our Trustees or Counselors to review your situation.  You can find them athttp://www.mnpdebt.ca/contact/default.aspx.  Or contact me directly. Donna Carson, CGA, CIRP, Trustee 1.877.500.0792 donna.carson@mnp.ca