Generally it is not advisable for spouses to file joint personal bankruptcies since individuals complete their own set of “duties” as part of the personal bankruptcy process. (See more under “What do I have to do during the bankruptcy process?”) Because of these requirements, in situations where both parties would benefit from declaring personal bankruptcy to get debt relief, most Licensed Insolvency Trustees will facilitate separate bankruptcy filings.
It is important for spouses to understand that they do not share responsibility to each other’s creditors just because they are married (or common-law), nor are they both required to resolve their debts in the same way. More specifically, one spouse could choose to declare bankruptcy while the other spouse could choose a different remedy or opt to take no action at all. Read more: Am I responsible for my spouse’s debts?
As Licensed Insolvency Trustees we understand that debt and other financial challenges can place a lot of stress on a household and money problems in a marriage can be emotionally charged. We will help you evaluate all your options to deal with debt so you can end financial stress, make the best decision for you and your family’s future, and get a financial fresh start.
Our friendly, non-judgmental debt experts are here for you – book your confidential free debt consultation now.