Do my debt issues affect my wife's credit rating?

Thursday, June 19, 2014 - 00:53

Debt and Relationships

MIKE ASKED: I am married and I have credit card debt totalling about $25,000. I cannot keep up, and now to top it off I lost my job. Can I file a consumer proposal without my wife since all the credit cards are in my name only?

ANSWER: You can definitely file a consumer proposal without your wife. Even though you are married you are two separate people. As a result there is nothing that you could do, including filing a consumer proposal, that would affect your wife’s credit rating, assets or her legal obligation to pay her creditors.

When I meet with couples that are in financial difficulty, I think it is important to look at each spouse as an individual and the family as a whole. Therefore I would strongly recommend reviewing your entire family debt situation to insure that the options you choose allow your entire family to get a fresh start. You can start with our Debt Options Calculator to determine which option is best for you and ensure that the repayment plan is both affordable and effective.

Latest Posts

Tax Season For the Self-Employed

This year the deadlines for filing your 2017 tax return are as follows: April 30, 2018 for personal returns and June 15, 2018 for self-employed persons. Keep in mind, however, that any tax owing must still be paid by April 30, 2018.

February 15, 2018

Business Concerns

Q and A: Tax Season

With income tax season in full swing, I thought it would be a good time to answer some common questions that I hear regarding government debt and tax returns.

February 10, 2018

Government Debt

Duties of a Bankrupt

Personal bankruptcy laws in Canada are governed by the Bankruptcy & Insolvency Act. Failure to complete your duties will delay your bankruptcy discharge so it is important you fully understand your requirements once you declare bankruptcy.

February 5, 2018