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4 Pillars

If I have created the debt, and the majority of it is in my name, must I include my spouse in the process?

The spouse of a person who is in financial trouble does not have to be part of the process. However, certain aspects of their joint life must be disclosed as part of the process, including:

  • All assets considered “joint assets” wherein both names appear
  • Joint liabilities where both names are responsible for the debt
  • And, the combined income of the family.

In most cases, the spouse’s name may appear on the documents. However, he or she would generally not be required to meet with the Trustee, creditors (if applicable), or attend any meetings. Plus, nothing would appear on his or her credit rating except the history of any joint debts affected by the restructuring.

In some cases, the spouse can become 100% financially responsible for the joint debt once the person in trouble has settled with his creditors, but this depends on who the creditors are.

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