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

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Secondary Cardholder

Hello,

My wife has 25000 dollars in credit card debts and she wants to file bankruptcy.

I am currently a secondary cardholder and my name does not appear on bills or statements and I didn`t have to sign any agreements not even my SIN number.

Are supplementary card holders liable for the the primary card holders debts if the primary card holder declares bankruptcy?

If so, what are the consequences of cancelling the secondary cardholder cards before filing. Is there anything wrong with this.

Thanks

Posted from: Ontario

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One Response to “Secondary Cardholder”

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

As a secondary card holder you are normally not liable for the debt. The only way that can change is if there is a clause within the agreement that states otherwise. So I don’t think you have anything to worry about. In terms of cancelling the secondary card holder, you could try to do this in an effort to reduce the likelihood that you may be responsible, but I wouldn’t’ see it as necessary.