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will my kids be affected if I declare bankruptcy

I need to know if I am declaring bankruptcy my kids, 16 and 13,will receiving consequences of my ruin..I`m sorry but at this moment I`m thinking about them,there is a consequence on their credit too (I`m thinking if they will apply for a loan student for university)?

Posted from: Ontario

One Response to “will my kids be affected if I declare bankruptcy”

A licensed trustee said...

Your children’s creditor rating will not be affected if yuo file for bankruptcy. In fact, neither will a spouse or any other person – bankruptcy may be filed jointly (more than one person), but it only directly affects the person(s) that file.

Indirectly everyone living in the household of someone thta has filed for bankruptcy may be affected. The person that files for bankruptcy is required to report the household’s income and its expenses – that usually means that everyone in the household that either earns income or spends money needs to co-operate with the person that filed for bankruptcy in order to properly complete these reports.