If I go bankrupt, will my spouse also have to go bankrupt?

In general, when you get married whatever debts you had to your name remain yours and yours only, so if you file bankruptcy in order to have them cleared it will have no effect on your spouse.
In the event that your spouse has co-signed or guaranteed any of your debts or if they hold a supplementary credit card on your account, they may need to file for bankruptcy also.

When the creditors find that they are unable to get the money you owe to them from you, they will go to your spouse to get if their name is also on the debt. If your spouse cannot make the payments either, then they too will have to look at options to deal with the debt including filing for personal bankruptcy.

Be careful for credit card companies that say supplementary card holders are responsible only for the charges that they put on the card. It is often too difficult for them to tell who made what charges and so they will try to make your spouse pay the entire amount.

If neither you nor your spouse can make the payments on debts which have both your names on them, you may need to file a joint bankruptcy. If you would like to learn more about filing a joint bankruptcy or would like information on alternatives to bankruptcy such as a consumer proposal or credit counselling and if you are unsure whether your spouse is going to be affected by your debt troubles, call me today at 519-622-3773 or send an email and I will be happy to answer any of your questions.