FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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CP and secured debt

I’m considering to file for a consumer proposal and have a decent understanding of what you can add and can’t add. I have a joint (or guaranteed… not quite sure) loan with my common-law spouse that is secured against the home that we live in. The house and mortgage are in her name. with the loan being secured, will I have to be removed from the loan and my spouse have to qualify on her own or will this item stay out of the proposal?

Posted from: Ontario

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One Response to “CP and secured debt”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Consumer proposals are directed at unsecured creditors. So in your case this secured loan against the home is not compromised by the proposal so you don’t have to worry about getting yourself removed from the loan.