As you enter your 30’s and 40’s, your likely entering a period of many milestones: marriage, family, a new home, perhaps a career change. If you had good financial habits during your 20’s you will have paid down most of your student debt, avoided high credit card balances, built a small emergency fund and set […]
You’ve been planning your wedding down to the last small detail including the big question – how are we going to pay for this? Should you take out a wedding loan or use your credit card to cover some of the costs of your wedding or honeymoon? Let’s consider the concept of good debt and bad […]
Does a couple's debt affect their relationship? Or does a couple's relationship affect their debt? Are finances and relationships just another variation of the classic 'what came first: the chicken or the egg' debate? Regardless of which comes first, debt impacts relationships just as much as a couple's spending habits. As the infographic below illustrates, debt can […]
It’s often hard to know what came first: financial problems or the breakdown of the relationship. Generally, the two go hand in hand. To help me delve deeper into divorce and bankruptcy, my partner of Hoyes, Michalos, & Associates Inc., Ted Michalos joins me on today’s episode of Debt Free in 30.
Joint debts are one of the hardest concepts to understand. Things can get even more complicated if one spouse declares bankruptcy or files a proposal or during divorce. Our quick info guide helps clear up some of the confusion.
It's time for another FAQ podcast and today we talk about if and when you might be responsible for your spouse's debt and how one spouse filing bankruptcy might affect the other. To answer these questions I talk with Hoyes Michalos Trustee in Bankruptcy, Jason Quinney joint debts and co-signed loans.
Download London Divorce - Joint Debt Case Study PDF Maternity leaves and job layoffs led to debt. Debt led to marital stress and ultimately, for Patty and Al, separation. While they were managing to maintain an amicable divorce, they needed to deal with their joint debts. Dividing the few assets they had between them was the easy […]
A consumer proposal in Canada as a negotiated debt settlement arrangement made between a debtor and his creditors through a licensed Consumer Proposal Administrator under the Bankruptcy and Insolvency Act. So what happens when two people are liable to repay the same debt? It is possible for two people to file a joint consumer proposal […]
If someone dies, does responsibility for payment of their debts survive their death? Could you be held responsible for the debts of your spouse or parents after they die? To answer this question we need to address three specific issues: Can debts be inherited? Is there money in the estate? What happens to joint debts? […]
Divorce can create some complicated financial problems. It is easy to understand why. Where two people were ‘sharing’ living expense before, they are now living individually and may not be sure who is responsible for what. Add in the complication that many times, when you separate, joint debt is involved. Both spouses may use one […]