What will be the impact on my spouse/partner if I declare bankruptcy?

If you concerned about the potential impacts on your spouse or partner if you declare bankruptcy, you should read this.

If you’re worried about the potential impacts on your spouse or partner if you declare bankruptcy, here are important details to consider before making your decision. In summary:

  • There is no direct impact of your bankruptcy on your spouse’s or partner’s financial situation, whether you are married or not.
  • Each person has their own credit file, assets, and debts (unless they are joint debts), and one person’s bankruptcy will not appear on the other person’s credit file.
  • Therefore, you can settle your debt problems without affecting your spouse and their credit file.
  • As for joint assets and debts, here is a summary of the main points:
Joint Debts Joint Assets
  1. Your bankruptcy means you are no longer obligated to pay that debt. 
  2. However, since your spouse is also responsible for the debt, they will have to repay it in full.
  3. To avoid such a debt becoming immediately due (because of the default incurred by your bankruptcy), we recommend that your spouse/partner contact the creditor to arrange an agreement to continue benefiting from the same monthly payment terms.
  1. If you are co-owners of a house or a car, your spouse will remain the owner of their share, and the trustee cannot force its the sale.
  2. However, since the mortgage is joint and several, your spouse will remain solely responsible for making mortgage payments during the bankruptcy period.
  3. If mortgage payments are not made monthly, the lender may initiate foreclosure proceedings and sell the property.


Your personal finance advisor at Jean Fortin will provide you with information about the impacts of your bankruptcy on your spouse/partner, and if needed, s/he can attend the meeting and be a part of all the discussions. It is essential and reassuring to be well-supported and informed of the potential consequences for your spouse/partner before making a decision.

For any questions or advice, feel free to schedule an appointment with an advisor at Jean Fortin. They will help you have the full picture by evaluating the risks and benefits of bankruptcy. The consultation can be conducted in person or remotely, depending on your preference. It is free, confidential, and without obligation.