Taking care of mum
I am listed on all my mother’s accounts, because my mum had dementia, and I pay her bills. This is not my money, and should I decide to make a consumer proposal; I don’t want the bank to take it. Also, I am executor should anything happen, so I need to be able to handle things.
Filing a consumer proposal is not the same thing as filing for bankruptcy. This means that unlike in bankruptcy you are allowed to be the executor of an estate with no repercussions. Filing a consumer proposal prevents your creditors from any further collection activity. There is a stay of proceedings in place where creditors are not allowed to continue collecting on your debts. Upon filing a consumer proposal the bank should not take action against this account. Further as they will see there is a non-bankrupt individual on the account they cannot take out the contents to satisfy your debts regardless of whether a consumer proposal has been filed. When you meet with your debt advisor you should disclose that you are on your mother’s bank account but the money going into the account is her pension money and you do your own personal banking from a separate account. Most trustees would not take issue with this and would not consider these funds your asset.