“My husband is an entrepreneur with a very unsteady income. Most of our big expenses, like the family car, we have financed jointly. (Meaning I paid for them.) Now he has had a run of “bad luck.” (Meaning botched business schemes.) He’s considering declaring bankruptcy so he can get a “fresh start.” (Meaning my retirement plans just went down the drain.) Things feel out of control.”
– Jennifer, North Vancouver
Your spouse is in hot water with their creditors. They've got a ton of credit card debt. They’ve maxed out their personal line of credit. They're late with their car loan payments. Now, they're talking about filing for personal bankruptcy. You’re wondering: “Am I responsible for paying their debts?” Learn what you need to know if your spouse declares bankruptcy.
What you should know
You aren’t automatically responsible for your spouse’s debts
If you have joint debts
If you have joint accounts
If you share a credit card
If you co-signed or guaranteed a loan
If you co-own furniture
If you co-own a home
If you receive support payments
More on declaring bankruptcy
We explain what to expect when declaring bankruptcy.