My husband is named co-applicant on our line of credit
April 13th, 2011 by Questions
I was wondering if I file a consumer proposal and my husband is named co-applicant on our line of credit and loan that would have to be included, would he have to pay the balance in full right away or would he be able to still make the monthly payments.
Posted from: Ontario
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April 13, 2011 at 12:25 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
If you file a consumer proposal, and your husband is listed jointly he will still have to ensure the balance is paid in full. The challenge will be on what terms this payment is to be made as it is up to the lender. Assuming he simply continues to make monthly payments and there is no default in those payments most institutions have no problem with the co-applicant continuing to make those payments, but it is ultimately up to the institution.