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