[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/rkillen.ca\/bankruptcy-co-signed-loans-joint-debt-marriage-spouse-supplementary-credit-card\/#BlogPosting","mainEntityOfPage":"https:\/\/rkillen.ca\/bankruptcy-co-signed-loans-joint-debt-marriage-spouse-supplementary-credit-card\/","headline":"Is A Spouse Responsible For Credit Card Debt in Canada?","name":"Is A Spouse Responsible For Credit Card Debt in Canada?","description":"When it comes to marriage, a question may arise: Is a spouse responsible for credit card debt in Canada if the other spouse declares bankruptcy? Sorry, Dear, I\u2019m Bankrupt. Nothing can make for a frostier breakfast conversation than revealing your financial woes have led to bankruptcy. Fueling the tension of guilt and anger is the […]","datePublished":"2014-06-16","dateModified":"2023-04-05","author":{"@type":"Person","@id":"https:\/\/rkillen.ca\/author\/admin\/#Person","name":"admin","url":"https:\/\/rkillen.ca\/author\/admin\/","identifier":2,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/9802e0bea345b33afa85a53646482da09b2d7944429d88b59778b5d3e1c3dd14?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/9802e0bea345b33afa85a53646482da09b2d7944429d88b59778b5d3e1c3dd14?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Richard Killen and Associates","logo":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2015\/03\/Sorry-Dear-Im-Bankrupt.jpg","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2015\/03\/Sorry-Dear-Im-Bankrupt.jpg","height":667,"width":1000},"url":"https:\/\/rkillen.ca\/bankruptcy-co-signed-loans-joint-debt-marriage-spouse-supplementary-credit-card\/","video":{"@context":"http:\/\/schema.org\/","@type":"VideoObject","@id":"https:\/\/www.youtube.com\/watch?v=lhJ2xAPiWmQ#VideoObject","contentUrl":"https:\/\/www.youtube.com\/watch?v=lhJ2xAPiWmQ","name":"How Is My Spouse Affected If I Go Bankrupt?","description":"Richard Killen discusses \"how is my spouse affected if I go bankrupt\"\n\nIf you are uneasy about bankruptcy you should definitely visit a licensed insolvency trustee so that you will be given an advice about your bankruptcy problems.\n\nWe can meet with you during business hours or book after hours appointments if that is more convenient.\n\nContact us for a fresh start 1 (888) 545-5365\nLive your life free of financial stress!\n\nFollow us on Instagram: https:\/\/www.instagram.com\/killen_trustee\/\nFollow us on Twitter: https:\/\/twitter.com\/Killen_Trustee\nFollow us on Facebook: https:\/\/www.facebook.com\/rkillenassociates\nFollow us on Linkedin: https:\/\/www.linkedin.com\/company\/richard-killen-&-associates\/\nConnect on Linkedin: https:\/\/www.linkedin.com\/in\/richard-killen-020aaaba\/\n\nRichard Killen and Associates have 10 locations across the Greater Toronto Area.\n\nOur main office is at\n\nRichard Killen & Associates\n2130 Lawrence Ave\nEast Suite 402, M1R 3A6\nTel: (416) 285-9511\nhttp:\/\/rkillen.ca","thumbnailUrl":["https:\/\/i.ytimg.com\/vi\/lhJ2xAPiWmQ\/default.jpg","https:\/\/i.ytimg.com\/vi\/lhJ2xAPiWmQ\/mqdefault.jpg","https:\/\/i.ytimg.com\/vi\/lhJ2xAPiWmQ\/hqdefault.jpg","https:\/\/i.ytimg.com\/vi\/lhJ2xAPiWmQ\/sddefault.jpg","https:\/\/i.ytimg.com\/vi\/lhJ2xAPiWmQ\/maxresdefault.jpg"],"uploadDate":"2017-11-07T09:49:42+00:00","duration":"PT1M20S","embedUrl":"https:\/\/www.youtube.com\/embed\/lhJ2xAPiWmQ","publisher":{"@type":"Organization","@id":"https:\/\/www.youtube.com\/channel\/UCVqfGDwXy-OK5RHKZGkaMUw#Organization","url":"https:\/\/www.youtube.com\/channel\/UCVqfGDwXy-OK5RHKZGkaMUw","name":"Richard Killen & Associates Ltd","description":"Since 1992 we at Richard Killen & Associates have helped thousands of people resolve their financial problems. With over 22 years experience in this industry, our president, Richard Killen, and the rest of our team understand the difficulties that honest people can sometimes find themselves in. This expertise makes it possible to provide you with a service that effectively deals with the issues.\n\nThe strength of our company is exemplified by the manner in which we treat our customers. We understand the intense pressure people are under. You will feel better after having spoken with our staff and your sense of dignity will be restored. The relief most people feel is tangible.","logo":{"url":"https:\/\/yt3.ggpht.com\/ytc\/AIdro_nK1yzM56nIFCGmWO7scxw1pLTW2Z8LVLH_kg8kdbbfw5M=s800-c-k-c0x00ffffff-no-rj","width":800,"height":800,"@type":"ImageObject","@id":"https:\/\/www.youtube.com\/watch?v=lhJ2xAPiWmQ#VideoObject_publisher_logo_ImageObject"}},"potentialAction":{"@type":"SeekToAction","@id":"https:\/\/www.youtube.com\/watch?v=lhJ2xAPiWmQ#VideoObject_potentialAction","target":"https:\/\/www.youtube.com\/watch?v=lhJ2xAPiWmQ&t={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"},"interactionStatistic":[[{"@type":"InteractionCounter","@id":"https:\/\/www.youtube.com\/watch?v=lhJ2xAPiWmQ#VideoObject_interactionStatistic_WatchAction","interactionType":{"@type":"WatchAction"},"userInteractionCount":81}],{"@type":"InteractionCounter","@id":"https:\/\/www.youtube.com\/watch?v=lhJ2xAPiWmQ#VideoObject_interactionStatistic_LikeAction","interactionType":{"@type":"LikeAction"},"userInteractionCount":2}]},"about":["Bankruptcy","Credit","Financial Advice"],"wordCount":583,"keywords":["Bankruptcy","co-signed loans","joint debt","marriage","spouse","supplementary credit card"],"articleBody":"When it comes to marriage, a question may arise: Is a spouse responsible for credit card debt in Canada if the other spouse declares bankruptcy?Sorry, Dear, I\u2019m Bankrupt.Nothing can make for a frostier breakfast conversation than revealing your financial woes have led to bankruptcy. Fueling the tension of guilt and anger is the fear one spouse filing for bankruptcy is going to drag down the other.But if you do file for bankruptcy does this automatically affect your spouse?The short answer is no. Each person is responsible for their debts. So if your spouse has not co-signed a loan or guaranteed your debt, then they won\u2019t be directly affected and their credit rating won\u2019t be damaged. There may be indirect consequences, however. For example, your spouse may not qualify for a loan in the future if your bankruptcy prevents you from being able to co-sign for it.Don\u2019t Give Credit Where it\u2019s DueBut the truth is, married life can be complicated, with intertwined finances and joint ownership of assets. Take credit cards, for example. If your spouse has a joint or supplementary credit card \u2013 that is, one with their name but has the same account number as yours \u2013 then he\/she would also be responsible for any debt.On the other hand, if they have a supplementary credit card and have never used it, chances are they wouldn\u2019t be responsible for the debt. The case could also be made that they are not saddled with the debt if they have only used the card occasionally, for small amounts.However, if the two of you have used the cards extensively, you are both on the hook for the debt. This doesn\u2019t change if only you go bankrupt. Things can get worse for your spouse because creditors can, and probably will, pursue them for the full amount of the money owed, and not just 50 percent. This scenario would be the same for any loan they\u2019ve co-signed, such as a mortgage. (Though a legal case could be made that they are not responsible if they didn\u2019t get legal counsel before co-signing the loan.)How Is My Spouse Affected If I Go Bankrupt?Watch this video on YouTubeNothing Ruins a Good Divorce Like\u00a0 . . .The risk of being saddled with joint debt seems to increase during divorce when communication and cooperation often dwindle. Some might be under the impression that debt is divided 50-50, as assets often are. But if one spouse files for bankruptcy, the other could be left responsible for the full debt and not just half, with avid creditors giving them their undivided attention.Time to Take Out the SawAnother consideration when one spouse goes bankrupt and the other is spared is jointly owned assets. That Harley and sidecar you both own for summer camping trips might need to be sold to pay what you owe to creditors. Your spouse\u2019s portion of the motorcycle would be spared but you couldn\u2019t exactly saw the vehicle in half.Generally speaking, jointly owned assets have to be reviewed one by one by the trustee to see how they will be treated.In summing up, if you not sure the answer the question \u201cIs a spouse responsible for credit card debt in Canada?” or about other assets or liabilities, all the ins and outs of the effects of bankruptcy on a spouse need to be considered and explained by a licensed trustee."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Is A Spouse Responsible For Credit Card Debt in Canada?","item":"https:\/\/rkillen.ca\/bankruptcy-co-signed-loans-joint-debt-marriage-spouse-supplementary-credit-card\/#breadcrumbitem"}]}]