Tag - Joint debts

March 2018

Consequences ex-spouse declares bankruptcy

Your ex-spouse is declaring bankruptcy? Here’s how it affects you.

A separation is an incredibly difficult period for everyone, not only emotionally, but also financially. Finding yourself alone to deal with day-to-day responsibilities and daily payments can be an enormous challenge to overcome. What happens when your ex-spouse declares bankruptcy after your separation? How does this impact your finances? (more…)

October 2017

July 2015

joint debts and the impact of bankruptcy on your spouse

Bankruptcy and the Impact of Joint Debts on Your Spouse

As a trustee in bankruptcy*, I am often asked about the impact of bankruptcy on the spouse. Generally speaking, a person in Canada can go bankrupt without any consequence on the spouse. Your personal debts concern only yourself, and no one else can be held responsible for these liabilities. However, the situation becomes more complicated if your couple has joint debts. (more…)