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Consumer Proposal and Home Equity Loan

My common-law husband and I are both in debt and have been trying hard to figure out what our best option is. WE currently own our own home…..with about 35K equity….in Ontario and we don`t want to lose it. I have debts in my name and he has debts in his name….if we were to try and obtain a home equity loan to pay of the majority of his debts….would I still be able to file a proposal on my own? I am currently unemployed and he is supporting our family….so I guess he would have to prove that he could make the payments for me? Also, can student loans be also put in a proposal? Thanks

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One Response to “Consumer Proposal and Home Equity Loan”

A licensed trustee said...

I think before you go too far down this course of action you should contact a trustee – you may be able to file a joint consumer proposal (for both of you) or you might be better off both filing your own proposals.

The problem with the plan you’re suggesting is that you’re not planning on remortgaging your house to deal with all the debts, only some of them and that might complicate your ability to file a proposal.

Again, talk to a trustee before you commit to your mortgage.