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Affecting a Significant Other

I have a Significant Other, with whom I own a house jointly. I pay the mortgage and other bills, he gives me money towards this each month. In addition, we have an unsecured line of credit (He pays this each month). I owe, personally about $50K in credit cards debt. Will the line of credit and his credit rating be affected if I file a consumer proposal? Or is there a way to remove myself from that LOC prior to filing so it does not affect him?

Posted from: Ontario

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One Response to “Affecting a Significant Other”

A licensed trustee said...

If your spouse is jointly responsible for a debt and you file a consumer proposal then the creditor has the right to demand payment from your spouse. If they make the required payments then their credit history will not be affected.

As far as romving your name from the line of credit, that’s a conversation to have with whatever bank gave it to you. If they will remove your name from the debt prior to your filing a consumer proposal then the debt will not be listed on your proposal documents. Call the bank, but don’t be too hopeful as banks rarely remove people from debts.