When you’re struggling with debt, there are a variety of options you can consider. In some instances, filing for bankruptcy is the best choice; although, it should always be the last resort. If you are insolvent, you may be contemplating this strategy.
Typically when someone dies, their personal debt does not get passed on to surviving family members. Their debt belongs to them and them alone; it is not passed on to their family members when they die.
Managing debt after divorce can be overwhelming for many people. Take solace in knowing that you’re not alone.
I have many married couples ask me if one spouse can file bankruptcy without it affecting the other. The answer always depends on their personal situation.
If you file for bankruptcy your ex-spouse may be affected if you have a joint mortgage. Your bankruptcy will remove you from your responsibility to pay that debt, however, it does not:
One of the leading causes of divorce in Canada is financial mismanagement. And one of the leading causes of bankruptcy is divorce.