I co-signed a car loan for my common law spouse, do I have to do a consumer proposal also?

i co signed a car loan for my common law spouse ,, now the car has been repossed by the finance company,, he wants to do a consumer propsal,, do i have to do a consumer proposal also? he also has other debts im not included in those..

Posted from: Ontario

One Response to “I co-signed a car loan for my common law spouse, do I have to do a consumer proposal also?”

A licensed trustee said...

No, you do not, but as a co-signer you should be prepared for the finance company to contact you in order to make arrangements to repay whatever the shortfall on the loan is once the car has been disposed of.