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How bankruptcy will affect one’s spouse is a typical concern for many residents of Dartmouth, Nova Scotia. After all, the bankruptcy process is nerve racking as it is without having to worry about potential consequences on your spouse
Luckily, in most cases your debts are your debts alone. Collection agencies cannot harass your spouse for money, unless they have co-signed or guaranteed the debt. This is not because they are your spouse, but because they are a co-signor. Anyone, whether they are your sibling, your friend, or your co-worker, can be pursued for money if they have co-signed.
If you do not have any joint debts, you and your spouse will not be affected by each other’s credit rating. The only possible negative effect is that you may not qualify as a co-signor in the future, which may affect your spouse if they require you to be one.
In Dartmouth, matrimonial property is split evenly in a divorce. For example, if you owned a house with your spouse, you would each get half of its worth. However, you and your spouse are both responsible for any joint debts you may have developed during the marriage. If either you or your spouse does not pay your share of the debt, a creditor has the right to pursue the opposite spouse for full payment.
For more information on how bankruptcy could affect your spouse, please contact us immediately. Our licensed bankruptcy trustees in Dartmouth will offer you an initial consultation free of charge, to review the bankruptcy process with you, and to put you at ease.
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