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What happens if my partner files for a bankruptcy or proposal – Am I responsible?
2014-02-13
This is a question that as Trustees we get asked a lot. The question you need to ask yourself is – “Did I co-sign or endorse” my partner’s debt?” This means, did you sign a document or a contract that acknowledges that if your partner cannot pay – you will.
Common types of these contracts are: mortgages, car leases, credit cards, etc. Credit cards are a bit harder to know because there are primarily 2 types: a supplementary card (where the primary holder is fully responsible) and a 2nd card where you are just as responsible as your partner for the total debts that are on the card.
How do you know which one you? Well, if you both have card and the statement is in both names, chances are you are both responsible for the debts. If you are not sure, the best way is to ask the credit card company for a copy of the original contract so that you can verify it.
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