FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Does filing for personal bankruptcy affect your spouse?

If I were to file for personal bankruptcy would my spouse be penalized? For instance, would he have to sell his car or pay some of the debt?

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One Response to “Does filing for personal bankruptcy affect your spouse?”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

In most cases, your spouse will not be impacted if you file bankruptcy. If you go bankrupt, your debts are discharged and your spouse is NOT responsible for your debts as long as they haven’t signed as a guarantor or joint borrower.
The only time a bill collector can pursue your spouse for your debt is if your spouse has co-signed or guaranteed your debt. If you have no joint debts, one spouse’s bankruptcy will not effect the other spouse’s credit rating. However, the bankrupt spouse may not qualify as a co-signer in the future due to the bankruptcy, so one spouse’s bankruptcy may have an indirect impact on the other spouse.
Sometimes there may be a small issue with any joint assets, but this depends largely on which province you file the bankruptcy, so I recommended that you contact a licensed bankruptcy trustee in your area to review your specific situation.