Joint Savings account in a Consumer Proposal

March 7th, 2011 by Questions

Just a quick question, I have decided to go see a Trustee about a consumer proposal, however, I have a savings account that is quite a ways into overdraft and my mother has been joint on the account since I was a child, would she be responsible to pay off the debt if It was included in my consumer proposal.

Posted from: Nova Scotia


One Response to “Joint Savings account in a Consumer Proposal”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

You are correct that a consumer proposal can only clear you from debt that is in your name. As soon as someone else signs on a debt, they become legally responsible for the full balance.

So with a consumer proposal you would be cleared from this amount, but your mother wouldn’t.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)