legislation –liabilty
I was reading the bankruptcy law in Canada from a government website .In the legislation it explains who is liable for the debt after filing bankruptcy.Anyone who benefitted from the use of such monies .Regardless if they had any responsibilty for the debt or not.For instance a wife may declare bankrurptcy on her own . Her husband and her son (over 19 and living at home)had nothing to do with the debt .Their finances are all seperate .The son and father is liable because they benefitted from the use of this money owing .It doesn’t matter that they never co-signed or had a supplemental credit card. They live in the same home and use things that were bought on credit by the mother/husband ( example stove).Am I interpreting this correctly ?
No, you are not interpreting that correctly. Except in the case of fraud, you are only responsible for your debts.
If I bought gas on my credit card and then drove my son to school, and then later I went bankrupt, the credit card company cannot pursue my son because he benefited from the gas I put in my car.
Your spouse is responsible for your debts if they co-signed the loan for you, or if they have a joint credit card; otherwise they are not responsible for your debts.
Feel free to contact a licensed trustee to review your specific situation to determine if anyone else in your family may be liable for your debts.