Consumer Proposal

December 5th, 2011 by Questions

I am kind of worried that if i file a consumer proposal its going to effect my wife credit since we just got married. Can i keep her out this i see they require her income information for some reason. My debt is my debt not hers and wish to protect her from anything should i be concerned?

Posted from: Ontario


One Response to “Consumer Proposal”

, A licensed trustee said:

Your spouse does not have to be directly involved in your proposal – her credit will not be affected unless she co-signed any of your debts.

When you file a proposal you must offer to pay your creditors the greater of: (1) the amount they would receive if you were to file for bankruptcy; and (2) an amount large enough for your creditors to agree (about 1/3 of what you owe).

Your spouse is required to disclose her income so that your trustee may make a fair estimate of how much you would have to pay if you were filing for bankruptcy. (The cost to file for bankruptcy depends on the number of people in your household and the total household income).

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