Bankruptcy Information Centre

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Does Bankruptcy Affect The Individual Or The Address?

Question:

I am considering going bankrupt but don’t know where to start.

Does bancruptcy affect just the individual, the address or the individual at the address?

Answer:

Bankruptcies are filed separately per person, so they only affect the person filing for bankruptcy , unless there are jointly held debts involved.

If there are debts in both names, you still go bankrupt separately, but the person who does not go bankrupt will be solely responsible for the jointly held debt.

The address the bankrupt resides at is used for their bankruptcy and is made public knowledge, this does not impact other’s credit who reside at that address.

If it were to become an issue, they could file a notice of disassociation with the credit bureaus.

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Source: Does Bankruptcy Affect The Individual Or The Address?

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