2025-09-04
Will Bankruptcy Erase All Of My Debt?
Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
2008-11-05
Hello, If one person in a relationship files for bankruptcy and the other does not, there should be no impact on the non-filing individual with respect to their credit. The real issue here is whether or not you are a co-borrower or guarantor on any of the bankrupt’s debts. If this is the case, the creditor will pursue you for the full amount owing on the joint-debt. Collection efforts undertaken against the bankrupt spouse or ex-spouse will cease because there is a stay of proceedings in bankruptcy that prevents the creditor from continuing their collection efforts. While legislation varies by province, a first-time bankruptcy is typically on your credit history for six years after you are discharged. There is no hold on one’s credit for six to seven years, but rather the fact that your spouse or ex-spouse has filed for bankruptcy is documented for this length of time by the credit bureau. His or her bankruptcy should not affect your credit, however, you will be impacted if you are a co-borrower or guarantor on his or her debts. Brad Milne Trustee in Bankruptcy Brandon, Manitoba
2025-09-04
Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
2025-09-02
Lifestyle Debt Debt Solutions
You already know the many benefits of skilled money management. The fact you’re reading this blog post says at least that much. Your challenge, like for most households, is how to navigate the seemingly infinite demands on your frustratingly finite income.
2025-09-02
Lifestyle Debt
Have fun on a budget with our guide to affordable activities in Atlantic Canada.