Are you involved with someone where they take full responsibility for your finances?
Well, you’re not alone.
Indeed, it’s fair to say that a lot of couples place financial decisions in the hands of one person.
That means that if your partner passes away you could have a lot of debt that you weren’t even aware existed.
After all, you might have trusted your partner completely to stay on top of the bills.
You might have no idea that a lot of the costs were being covered with credit.
If this happens, then you can be at a complete loss of how to handle the situation.
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Are you responsible for this debt?
Unfortunately, if the debt is under both your names then yes you could find that creditors don’t care you weren’t aware of the debt.
They will want the balance paid out in full.
What If You Can’t Afford It?
If you trusted your partner to cover the costs of your living, it’s possible that you don’t have the income to pay the debt.
There might be no life insurance to speak of and it’s possible that the mortgage for the home still needs to be paid as well.
If you are in this situation you can find that it starts to cause quite severe emotional problems.
It’s not uncommon for people who end up with deep debt to end up depressed.
But you do need to make sure that you take action.
The first thing to do is come to terms with the fact that the debt is your burden to bear.
It’s tempting to continue fighting and claiming that your partner was responsible for managing the finances.
However, ultimately, you will usually find that this doesn’t matter.
Once you can accept you have an issue, you can explore paths to deal with your debt.
Speak To A Professional
It’s important to make sure that you are contacting a professional as they will always be able to help you manage your debt more effectively.
You need to be aware that there are numerous ways to handle your debt and it’s worth exploring a few of these possibilities before settling on the right decision for you.
Make sure that you understand everything from debt consolidation to filing for bankruptcy.
We hope this helps you understand the right way to tackle your financial issues head-on and ensure that you do stay on the right track.
If you need more support here then we will be happy to assist you.
We have provided the support for over 100,000 Canadians exploring how they can escape their debt and we’re confident we can help you too.
You can fill out a free evaluation form and a friendly member of our team will get back to you without delay.
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?
How to File for Bankruptcy
What is Bankruptcy?
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?