CP and secured debt

July 23rd, 2012 by Questions

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


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.

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