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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Spouse’s Credit

Between my wife and I, we owe about 90K, mostly on credit cards with a few thousand on lines of credit with bank accounts. Most of that is mine — about 65K on cards and 6K line of credit on a commercial (sole proprietorship) account. We feel we can probably manage the 20K on her cards but if I file a CP, will she have to cancel her cards as well? They are solely in her name. We travel quite a bit for business and really need at least one card with enough limit on it to book hotel rooms and such.

Also, is there a problem with the auxiliary card she has on one of my accounts (the account itself is solely in my name).

And finally, we are about $1500 into a line of credit on our personal joint account. I realize I have to disclose this as a creditor, but will this automatically involve her in the CP, or can I still do it alone?

Posted from: Alberta

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One Response to “Spouse’s Credit”

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

If you file a consumer propsoal your wife is still allowed to keep her credit cards as long as they are in her name not yours.

As for the “auxillary card” (I assume this is the same as a supplemental card) this is normal and likely won’t be a problem. Technically there are some instances where the supplemental card holder has been responsible for the purchases made on their card, but it is quite rare. Most times it is a non-issue.

In terms of the joint line of credit, she will simply be responsible that it get paid in full, but it won’t prevent you from filing a consumer proposal just in your name.