What is the impact on joint party if a bankruptcy or proposal is filed?

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I have a lot of debt. Most of my debts are credit cards and most of them are in my name. But I have 1 line of credit with CIBC that was cosigned by my husband. What would happen to my spouse under a consumer proposal or, in a bankruptcy?

Posted on Wednesday, May 6, 2009 | Filed under: Bankruptcy and Consumer Proposals
 posted by Questions @ 7:53 pm 1 Comment
1 Expert Comment:

 At May 11, 2009 | 9:32 am , Bart Goth, Trustee in Bankruptcy Said...

If you file a bankruptcy or a consumer proposal and have someone who has cosigned on one of your debts, what will happen is that you will legally be cleared from this debt. As for the co-signer, they will still be fully responsible for payment of the debt they have signed on in full.

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