One of the most common items people are concerned with is whether or not the filing of a personal bankruptcy or a consumer proposal will have on their spouse’s credit rating.
The key thing to remember is that a credit rating is individual specific (i.e. they only report the history of one person). Although your spouse’s name may appear on the credit rating under the information section, it doesn’t have a bearing on the actual rating. Therefore, the filing of personal bankruptcy or a consumer proposal by one spouse will not directly affect the credit rating of the other spouse.
The main issue comes down to whether or not your spouse has cosigned or been listed as a joint borrower. For reference, you are often considered to be a joint borrower for any secondary credit cards you may have received under your spouses name. Ultimately, if the debts are joint this means both spouses are responsible for the debts and if only one person files a personal bankruptcy or a consumer proposal, the other party will be responsible for the full balance of the respective debt.
If you have any additional questions concerning this or any other topic, you can call me at (780) 435-5110 or email us a question.
posted by Barton Goth GCO Bankruptcy Trustees @ 
