Does Filing for Bankruptcy in Saskatchewan Affect My Spouse?

Filing for bankruptcy in Saskatchewan does not directly affect your spouse directly. You and your spouse are each responsible for your own individual debt. Getting married or living common law does not mean you are automatically responsible for your partner’s debt.

However, some banks require a co-signor before giving loans. If your spouse has co-signed a loan, they may be held partially responsible. They could even be held responsible for the entire amount.

Your partner’s credit rating will not be affected if all of your debts are in your name. However, the bankrupt spouse may not be able to co-sign in the future due to the bankruptcy. Due to this, your spouse could be affected indirectly.

Be cautious of joint or supplementary credit cards. You may trust that your credit card is under only your name; however, if your spouse has a card with their name on it, or if they have used the card, they are likely responsible for the balance owing on that card.

These matters are complicated. It can often be difficult to determine if a credit card is a joint card, or just a supplementary card.

If you are considering filing for bankruptcy in Saskatchewan and want to know how filing for bankruptcy in Saskatchewan will affect your spouse, please contact a licensed Saskatchewan bankruptcy trustee today.