Question by In Hiding: If someone leaves their commonlaw partner, and files for bankruptcy, what happens to the house?
A couple both signed for the house loan a year ago. Partner “A” has just left the relationship and the home, and is filing for bankruptcy. Neither person can afford the house alone. Will the loan automatically become the partner “B” ‘s, or will the bankruptcy not affect that loan at all?
Couple is in Ontario, Canada, but any info from any province would be helpful.
Best answer:
Answer by lucy
Once the bankruptcy becomes final, then you will be on the hook for the balance of the loan, since both of you signed the contract. Most likely, since neither of you can afford the house personally, you will most likely have to file for bankruptcy also. A girlfriend of mine after she divorced her husband, he filed for bankruptcy, and she got stuck with all the bills she co-signed, even though the divorce stated he was responsible.
I suggest you make an appointment with a lawyer for legal advice and options. Many will give you 1 free consult.
good luck
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