single bankruptcy or proposal

July 3rd, 2008 by Questions

I had a credit line together with my wife wich was paid off back in December 2007. After that it was closed. I opened a new line of credit (new account) under my name January 2008. I have a credit card that I am the primary card holder and my wife was teh secondary card holder until April 2008. The balance was paid in full. I called the credit card company and asked to remove her name from the account and they said it was Ok. So now I have a credit card that is almost over the limit and my credit line is being used in full too. My wife and I had big discussions regarding money and how to use it and when to use it. Since then we decided each one have our own separate account and manage the money independently. Now I got hurt at work and didn`t think I was going to need to stay home for a long time and this has made things even worse. I don`t know if I will go until the end of the year making payments to loans and credit cards. I want to know if I decide to make a proposal to creditors can I do it under my name only or my wife has to do it together? Please give me a feed back.

Posted from: Ontario


One Response to “single bankruptcy or proposal”

, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:

You can always file a bankruptcy or a consumer proposal individually and as long as you wife hasn’t signed on any of your debts there will be very little impact on her. The only concern I have is with the credit card. You say you called and asked that your wife be removed. Did you get any written verification that she had? Often I have seen the request be made, but not acted on, so if I were you I would confirm with the bank whether or not she was in fact removed. Otherwise it sounds like you are at the point where you need to sit down with a local trustee and they will be able to help you understand what the next steps you need to take are.

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