Grant Thornton Limited Saint John, NB Licensed Insolvency Trustee

Grant Thornton Limited,
506-801-1057, Toll-Free: 1-888-296-2822
87 Canterbury Street, Saint John, NB  E2L 2C7

 

Debtors are often stressed out mentally when they are considering bankruptcy.

 

They are worried about the societal embarrassment they may have to face and the burden their family may have to suffer because of the filing.

 

Our company’s Licensed Insolvency Trustee at Saint John, NB, covers myriad questions of debtors during their first visit, which is free and carries no obligation or risk.

 

The trustee finds debtors particularly worried about the financial situation of their spouse because of their bankruptcy.

 

Grant Thornton Limited Saint John, NB Licensed Insolvency Trustee

87 Canterbury Street
Saint John, NB E2L 2C7
Canada
Phone: 1-888-296-2822

 

Our trustee, who has interacted with several thousands of debtors in Canada, finds that creditor harassment claiming spousal responsibility is a major reason for debtors getting worried about their spouse’s financial future after their own bankruptcy.

 

As our Licensed Insolvency Trustee at our Saint John firm in NB would reveal, no creditor can demand repayments from your spouse for your debts.

 

According to Canada’s bankruptcy law, set down by the BIA – the Bankruptcy and Insolvency Act – a spouse is not liable to repay any of your debts.

 

You should bear the onus of repayment of your debts in Canada.

 

Given this legality, creditors demanding repayment from your spouse for a loan made by you, are committing an offence.

 

Legal action can be initiated against them.

 

Saint John, New Brunswick Debt Help

 

Once you choose our Saint John, NB firm’s Licensed Insolvency Trustee, all such illegal creditor actions will come to an end immediately.

 

You will be asked by our trustee to submit your complete financial details.

 

The trustee will study your debt statements and creditor agreements to understand the responsibility of your spouse in your debt situation.

 

If the trustee finds that your spouse has co-signed any of your debt papers, or has agreed in writing to be a guarantor for your debts, then the trustee will hold your spouse responsible for your debts.

 

In such a case, it becomes completely legal for your creditors to demand repayment from your spouse.

 

If you file for a bankruptcy in such a case, you will make your spouse responsible for the entire debt for which he or she had served as a co-signor or guarantor.

 

While you may become debt-free after your discharge from bankruptcy, your spouse can still be held responsible for full repayment of your entire debt amount.

 

A decision to go bankrupt could easily be one of the biggest decisions of your life.

 

You would be surrendering your financial freedom and control over your own money for a considerable period of time.

 

Your financial aspects would be under scrutiny for as long as your bankruptcy lasts.

 

Information about your bankruptcy will remain on your credit bureau report for several years.

 

So, it is sensible to have all your queries as a debtor clarified before you make perhaps the most important decision of your life.

 

Consult our Saint John, NB, Licensed Insolvency Trustee, at the earliest, to be guided by an expert during such times.

 

Explain to your spouse about how bankruptcy can and cannot affect you as a family after the consultation.

 

Sources:

https://loanscanada.ca/debt/will-filing-for-bankruptcy-affect-my-spouse/

https://www.cbc.ca/news/business/8-myths-of-bankruptcy-1.1014375

https://www.hoyes.com/personal-bankruptcy/bankruptcy-affects-spouse/