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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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Bankruptcy and how it affects your partner

My boyfriend claimed personal bankruptcy and has not been discharged. We are now going to be married. Will this affect me in any way after we get married?

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One Response to “Bankruptcy and how it affects your partner”

A licensed trustee said...

Not directly – that is, his bankruptcy will not suddenly appear on your credit history.

What you may find is that the family is dependent on your good credit history. In most cases, it takes a few years after a person has been discharged to re-establish their credit rating. Until your boyfriend/husband does the only credit available to the family will be yours.

This may be a difficult thing to hear, but you should be very careful how you use your credit. Wait until your spouse re-establishes his own credit before you start co-signing loans or offering him one of your credit cards. The temptation will be there to get him signed on to your bank account, your credit cards and other credit tools – don’t do it unless you are prepared to pay off the debt should something go wrong in the future.