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  Home > Bankruptcy Resources > If I'm married and I file for bankruptcy, does it affect my spouse's credit?  

 

If I'm married and I file for bankruptcy, does it affect my spouse's credit?

 
 

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.

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