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Home
> Bankruptcy Resources
> If I'm married and I file for bankruptcy, does it affect my spouse's credit? |
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If I'm married and I file for bankruptcy, does it affect my spouse's credit? |
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In Canada, one spouse filing for bankruptcy does not affect the other spouse simply because they are married. The only person responsible for your debts is you. Therefore, your bankruptcy will not make it more difficult for your spouse to borrow money now or in the future. Nor is your bankruptcy noted on your spouse’s credit score.
However, if your spouse has co-signed on loans, is co-listed on your credit cards, or has otherwise signed an agreement to guarantee your debt, he or she will be responsible for paying these debts in full if you file for bankruptcy or a consumer proposal. This is not because you are married - it is exactly the same situation that any friend or family member who has acted as a guarantor for you will find themselves in.
Be sure to be clear about any co-signed or guaranteed debts or credit cards when you talk to a bankruptcy trustee.
IN THIS SECTION
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- Why did my trustee tell me to file all outstanding tax returns?
- I’m declaring bankruptcy because of taxes. Is this allowed?
- Will I still owe my student loan after bankruptcy?
- I can’t afford to pay back my student loan and it’s been less than seven years since I left school-what are my options?
- How long does bankruptcy last?
- Can I keep my car during bankruptcy?
- Can I keep my RRSP during bankruptcy?
- Can I keep my home if I declare bankruptcy?
- Will I still be able to rent an apartment or home if I declare bankruptcy?
- Can I keep a credit card during bankruptcy?
- Is it okay to use a credit card if I am thinking about bankruptcy?
- Can I get a checking account after bankruptcy?
- I co-signed on a loan for someone who declared bankruptcy. What happens now?
- If I’m married and I file for bankruptcy, does it affect my spouse’s credit?
- If my spouse declares bankruptcy and I am listed on their credit cards, am I responsible for the debt?
- I am divorced and my ex has declared bankruptcy. Do I still owe for debts and credit cards that I co-signed with my spouse?
- If I file for bankruptcy, will it be noted on my spouse’s credit file?
- Will filing for bankruptcy affect my job situation?
- Who will find out about my bankruptcy?
- Can I get utility services (telephone, cable, hydro, gas, etc.) after bankruptcy?
- Can I keep any money if I declare bankruptcy?
- What is surplus income?
- Can I go to jail for not paying my debts?
- The collection agency is threatening to take me to court: can they do that?
- What happens if a collection agency takes me to court?
- I am behind on my debt payments; can a collection agency take my furniture, electronics, clothes, etc.?
- I am being harassed by a collection agency: what can I do?
- Can I stop a wage garnishment?
- How do I find out if someone is bankrupt?
- What is Chapter 7 bankruptcy?
- What is Chapter 13 bankruptcy?
- What happens if I live in both Canada and the U.S. and declare bankruptcy?
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