Joint Consumer Proposal

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fullmoon

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Joint Consumer Proposal
« on: May 07, 2017, 01:22:20 PM »
Hello, all,

I need some help here. My spouse and I (married) have a combined Line of Credit of $51,000 with ScotiaBank. I have $40,000 in credit card debt in addition. My spouse has 20,000$ in additional credit card debt. We would like to file together. Our combined monthly salary is $5100 net which would give us a surplus income of almost $26,000 for 2 (we have no children). We are at our wits end. We are struggling to make it all work. The story of how we got here is complicated. Is it possible to file jointly with these amounts? If not, how is the joint debt handled if we end up having to do 2 separate proposals or a bankruptcy? We have a mortgage but no equity. We have a car loan which I really need to keep.

Can anyone give any insight?

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Lost and Found

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Re: Joint Consumer Proposal
« Reply #1 on: May 09, 2017, 01:26:29 AM »
Just popped in but from what I see you owe $90 k and want to make proposal and for some reason wish to drag your spouse with you to save on the $20 K.  My initial advice is to just go bankrupt yourself and let her deal with her own debt then at least one of you will be solvent.

As for the car, it's a piece of metal, I have two of them both cost me less than three grand total and drive my ass here to there, had them for five years each and also have a 4 X 4 that sits in the driveway doing nothing but waiting to go on holiday.  In short, you need a car loan or lease like a hole in the head unless you run a limo service.

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NotATrust-E

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Re: Joint Consumer Proposal
« Reply #2 on: May 14, 2017, 09:16:50 AM »
Two individuals can file a joint proposal, “Where the debts of the individuals making the joint consumer proposal are substantially the same and the administrator of consumer proposals is of the opinion that it is in the best interest of the debtors and creditors”. It is up to your trustee to determine if this is the case.

If they do not believe the above paragraph applies, you can file two separate proposals or two separate bankruptcies. To my knowledge, there is nothing in the act that speaks to how exactly the LOC debt would be handled, but I presume both of you would have to list this debt.

 

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