Confused - joint account

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lost74

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Confused - joint account
« on: December 18, 2013, 12:17:01 PM »
I was considering filling a CP last year and was scared. I am at the point where I feel it is needed. The problem being is i Have in my name about 25,000 unsecure debt. my common law spouse has 25,000. He doesnt want to file for himeself, I was just going to file in my name. We split up last year and have some joint credit cards.
I was told last year by a trustee that joint cards are not accepted is this correct?
We also have a mortgage, i didnt want it to effect him for the renewal will it ?
I do have a credit card with a zero balance does that have to be handed in or closed or is it up to the trustee?
I was told only the credit card companies in the proposal get notified is this correct.

looking forward to some help

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Nevergiveup

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Re: Confused - joint account
« Reply #1 on: December 21, 2013, 12:24:10 PM »
Dear Lost 74,
CP or bankruptcy is always scared  but sometimes when we do not have ogther choices , we are forced to go that way in order to get relief.
CP is a good way to go if you can afford to make some monthly payments, you will be able to keep hour house at least ,  for the renewal, you may not get the best morgage rate, u will have to shop  a little bit.

There is  a   group discussion  '' Consumer  Proposal''  , they  give very good advise , feel free to share this post with them .


Thanks

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mike72

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Re: Confused - joint account
« Reply #2 on: December 27, 2013, 04:38:21 PM »
In a CP lost74 you have to give up all your cards. Keeping one card shows favoritism. The other creditors would consider it not fair.
If you keep it and are found out it can ruin the CP. Be careful,  i would just hand everything in and get a fresh start.
I started my cp about 3.5 years ago. I have only 5 payments left. Last year i got approved for a non secured credit card with 2500 limit. This month it was raised to $5000 because of good payment history. 
Start fresh, no cards, payoff most of your CP. If you need a credit card use a pre-paid one or even a secured card.
Don't worry time flies, and soon your credit will be repaired.

 

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