How Does Bankruptcy Affect My Spouse, If I Get Divorced?

In Ontario all matrimonial property is split between both parties.  You both remain responsible for all debts held jointly until all debts are fully repaid.

When one party defaults (misses) on their payments, or claims bankruptcy, the creditor is legally allowed to pursue the other spouse for the outstanding amount owing. As individuals you can not be held responsible for just half of the debt. In reality both parties are jointly responsible for the full amount owed.

Bruised credit doesn’t mean you can’t get help with a mortgage!  Let the experience and knowledge of “Your Durham Region Mortgage Doctor” work for you.  We’ll help you rebuild your credit if that’s what’s standing in the way of your approval! Contact us today, get back on your financial feet tomorrow!