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spouse not filing

How can you get a credit card or auto loan put in one name. Especially the car where it is signed contract. Also if the loan is in both names, what happens to the spouse not filing who has all these debts outstanding

Posted from: Ontario

One Response to “spouse not filing”

A licensed trustee said...

All you can do is ask the lender to drop the other person’s name, or apply for new credit yourself and pay off the existing debts that were in both names.

When one of the people that signed for a joint debt files for bankruptcy or a consumer proposal, the other person that signed the debt becomes 100% responsible for the entire balance. For example, let’s say you had a joint credit card with your spouse and it has a balance of $10,000. If your spouse files then you become responsible for the whole $10,000 debt, even if you didn’t use the card…