How is my spouse affected by my bankruptcy?

Technically bankruptcy does not affect your spouse or common-law partner.

  • Your spouse or partner would only be responsible for debts they co-signed, guaranteed or made a joint application for the credit.
  • Your spouse’s assets would not be affected by your bankruptcy. Their assets remain theirs.

If I declare bankruptcy does my spouse have to?

No, your spouse can decide how they need to proceed based on their own finances.

  • Sometimes it makes sense for couples to file together and other times it makes sense for only one partner to file a proposal or bankruptcy.
  • The free consultation is useful to explain your options and answer these types of questions.