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

How Much Debt Is Too Much Debt?

The answer is simple, more debt than you can pay is too much debt. 

June 19, 2018

Money Management

Don’t be ashamed!

If you are considering filing for bankruptcy as a way to help manage or reduce your debt load, you need to know that declaring bankruptcy is nothing to be ashamed of. 

June 5, 2018