Filing Bankruptcy will not affect your spouse’s credit rating. However, if you have any joint debt, your spouse would be responsible for paying that joint debt in full.

The only way to file for Bankruptcy in Canada is through a Licensed Insolvency Trustee. The first step when filing for Bankruptcy is to contact a MNP Licensed Insolvency Trustee to discuss your debt options. If filing for Bankruptcy is the right step for you, your Licensed Insolvency Trustee will guide you through the Bankruptcy process.

If you owe more than $1,000 and you are unable to pay back your debt, you may be eligible for Bankruptcy.

Assuming you have a regular source of income, you should be able to obtain a loan to purchase a vehicle after the discharge from your Bankruptcy. However, the interest rate that is payable on that loan will likely be higher to reflect the higher credit risk as a result of your Bankruptcy.