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does personal bankruptcy affect the spouse`s income/asset

When personal bankruptcy is claimed, does it affect the spouse`s income/asset, etc…? Your response is highly appreciated. Thank you.

Posted from: Ontario

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One Response to “does personal bankruptcy affect the spouse`s income/asset”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

When one spouse files for bankruptcy there is no real direct impact on your spouses assets or income, but a spouses income may have an impact on the cost of bankruptcy.

What happens is the Superintendent of Bankruptcy has developed a surplus income guideline that is used to determine what the cost of a bankruptcy is to be. When doing this surplus income calculation you will see that a spouses income is indirectly considered.