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.

About Author

Mark Marshall BBA, C.I.R.P, L.I.T

Mark Marshall BBA, C.I.R.P, L.I.T

Mark has been working in the Insolvency field since graduating from the University of New Brunswick with a degree in Business Administration (BBA). In 2012 Mark received his Chartered Insolvency & Restructuring Professional (CIRP) designation and attained his license as a Licensed Insolvency Trustee (LIT) in 2013.