85 - What Happens to My Debt if My Spouse Files Bankruptcy?

DebtMatters Podcast

Debt problems can cause stress in any relationship. But what happens when one partner files for Bankruptcy? How does it affect the other? To understand what happens to your spouse’s finances, first it is important to know what the difference is between personal debt and joint debt. As a Licensed Insolvency Trustee, Amanda Sherwood, helps couples navigate insolvency, as each family situation is unique. In this podcast find out:

• What happens to your spouse’s/partner’s credit score when you file Bankruptcy
• When you get married are you marrying your partner’s debt also?
• The benefits and drawbacks of separate or joint finances
• Co-signing loans - who is responsible when one defaults
• Personal information needed by a Licensed Insolvency Trustee from both parties

If you and your partner are having financial difficulties and need solid advice, a Licensed Insolvency Trustee should be your first call. They are licensed and regulated by the Canadian government and adhere to strict ethical guidelines.

About Amanda Sherwood

Amanda started with Allan Marshall and Associates in 2008 as an Estate Administrator. She has since received her Chartered Insolvency & Restructuring Professional (CIRP) and her Licensed Insolvency Trustee (LIT) designation in 2022.

The most rewarding part of her job, Amanda says, is hearing her clients say how relieved they are after meeting with their office. She reminds everyone that they are not alone and that help is available to get relief from insurmountable debt.

Additional Resources

• Allan Marshall & Associates Licensed Insolvency Trustee
• Canadian Bankruptcy Rules
• Become Debt Free In 3 Easy Steps