Sentences with phrase «creditors of joint debts»

If your ex-spouse files bankruptcy rather than paying the debts assigned to him in the divorce, you may have to deal with creditors of joint debts on which you are still listed.

Not exact matches

In the event of a spouse's death, creditors can not automatically remove the deceased person's name from the joint account and make the debt the sole responsibility of the living spouse.

With a Chapter 13 bankruptcy, if the filer submits a plan that will address all of the joint debt, the creditor can not pursue the spouse for payment of the debt during the restructuring payment period (which generally runs for up to five years).

If a joint debt payment programme is revoked on the grounds of separation, creditors can not immediately take action to enforce court orders (use «diligence»).

If your partner declares bankruptcy, creditors and the Canada Revenue Agency can go after joint assets — like houses or bank accounts — to reclaim the debt, says Laurie Campbell, CEO of Credit Canada Debt Solutidebt, says Laurie Campbell, CEO of Credit Canada Debt SolutiDebt Solutions.

In fact, even in the special situation where there is a legal separation agreement stating that each partner is to assume half of the joint debt, a creditor can still pursue the other spouse for all amounts outstanding if one of the partner defaults.

In the absence of a bankruptcy discharge, the creditor may sue either or both spouses for satisfaction of a joint debt.

The debtor spouse is no longer liable for that particular joint debt to the creditor, but the non-filing spouse remains liable to the creditor for the full amount of the debt.

With a bankruptcy discharge of one spouse, the creditor may look to the other spouse for full payment of the joint debt.

The Federal Trade Commission notes that joint creditors can still pursue you for debts you share with your former spouse — even if the divorce decree absolves you of your liability for the debt.

However, your ex-spouse's Chapter 13 bankruptcy offers you the protection of an automatic stay, or postponement, of collection actions on joint debts, so the creditors can not come after either of you while the Chapter 13 case is pending.

Creditors are not bound by the terms of your divorce decree, so they can hold you responsible to pay a joint debt even if your divorce decree says your ex-spouse must assume responsibility for it.