Archive for the ‘bankruptcy’ Category

Question: My husband has passed away. He has business debts and credits cards and leases which I have not co-signed on.

His only assets are RRSP’s and a small life insurance policy of which I am the beneficiary.

Am I responsible for his debts as the executor of his estate?

Answer: No, you are not responsible for someone else’s debts, unless you have co-signed for them. As executor of his estate you will work with your lawyer to liquidate his assets and use those assets to pay his creditors; your lawyer can provide you with more information.

Question: I am engaged to someone who is filing bankruptcy. My credit is solid and I have no financial issues. Will my credit be negatively affected by marrying someone who has filed bankruptcy?

Answer: No, your credit is not affected by your spouse’s bankruptcy. However, in the future, your spouse will not be as good a co-signer for you if they had not gone bankruptcy.

For more information, please see this article on Does Filing for Bankruptcy in Canada Affect my Spouse?