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Ex filing bankruptcy, leaving me with the bill

I have been separated for 8 months, no signed agreementt but we are almost there. We divided the debt and I could not pay all of mine so I borrowed $29,000 from my parents to pay my part. Now I, owe them, a $5000 credit line, $1300 mastercard and my car. I found out now that he is filing for bankrupcy and I will be on the hook for an additional $45,000 in joint debt that he will be leaving me to clean up. I do not want to file bankruptcy. If I do a consumer proposal what about my parents? I have a mastercard with a $500 limit that has a $0 balance. Will I lose this card? Also, I have a small business (sole) I have 2 cards in my name that are for the business totalling $5000. would this have to be included in a consumer proposal or keep it separate because its a business?
thanks!!

Posted from: Ontario

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One Response to “Ex filing bankruptcy, leaving me with the bill”

A licensed trustee said...

If you file a consumer proposal you should list your parents as one of your debts and they will be entitled to their proportional share of your payments. All of your credit cards, regardless of whether or not they have a balance owing or if you use them for your business, will have to be surrendered to your trustee if you decide to file. Your trustee should be able to suggest a couple of plans to make this manageable.