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Common Law and Bankruptcy

My common-law partner has to file for bankruptcy. How will this affect me and my credit?

Posted from: British Columbia

One Response to “Common Law and Bankruptcy”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

The only way this will affect you is that the household will have to keep receipts for all their puchases and your common-law will have to summarize those receipts and submit them to the trustee. Other than that you shouldn’t really be involved, there will be no impact on your credit, you won’t be responsible for completing the bankruptcy or anything like that.

The only scenario you would really feel any fall out would be if you were listed jointly on any of the debts, but even then you would simply have to continue to pay on any of the debts you signed, so it wouldn’t be much of a change.