Asked over 1 year ago in Ontario
Categories:
Family Law
 |
 Quebec lawyer
|
If your name remains on the mortgage (the loan from the bank for the house), you will still be responsible for the mortgage.
Posted over 1 year ago
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Comment from Ontario
Unfortunately, yes. Both parties are 100% responsible. If one party files for bankruptcy or skips payments or abuses credit the other is considered 100% responsible on ANY joint debt. Creditors want their money back. Depending on your situation, it may be useful for you to note that the spouse with a higher income can also be required to provide the basic nessesities of life to a spouse with lesser income during separation.
Posted over 1 year ago
Comment from Ontario
Sorry, I want to add that you need to FREEZE all joint accounts and credit cards immiediately. You will not be able to remove your name or close the account until the debt is paid or the account is closed by both parties after separate loans are secured to pay off the balance. Only one of you is needed to disable the account but both are needed to re activate it. Many peoples' credit rating is destroyed by spouses at this time. Open your own bank account asap if you don't have one already.
Posted over 1 year ago
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