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.