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”
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.)
You must be logged in to post a comment.
March 07, 2011 at 9:17 am, 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.