Marriage And Debt Problems

Good question. Firstly, congratulations on your upcoming wedding. And it's definitely a wise thing that you are looking at sorting this out before your upcoming marriage. While your debts are "legally" yours (meaning that the creditor can only sue you, not your husband), after you are married you will start to accumulate what is called "matrimonial" debt.  This is debt that you accumulate after you are married.  If you are struggling with your creditors, you may wish to have this "line in the sand" drawn before you get married.  Almost more so for your husband's interests than yours. The other point is any property you may acquire while you are married. If you acquire any property together, and then have to file for bankruptcy after your marriage, your interest in the property will be reviewed in the bankruptcy. This doesn't mean that you necessarily lose the property, but your Trustee would have to review your interest in it to see if it's something you get to keep or not.  I would try to sit down with one of our Trustees to sort out your options before your wedding. You're starting a new life together, and to put these creditors behind you one way or the other... it's likely not something you want to start off your new life with. Financial problems can be stressful, and you should be concentrating on this happy time in your life. Whether or not you have to file for bankruptcy is yet to be determined. But I would meet with someone to see if it is the best option for you, or if there is something else you can do. Contact our Trustee or counselor in your region by clicking on the Contact Us page on our website and all the best in August. Donna Carson, CGA, CIRP, Trustee Calgary and Red Deer South regions 1.877.500.0792