Question: If I was to file for consumer protection what would that do to a house that is co-signed as well as a car?? Would we have to give up our dwelling or return the car I use for my work?
Thank you.
Answer: If you file a consumer proposal you can continue to pay the mortgage on your house, and the loan on your car, if you want to keep your house and car. If you file for personal bankruptcy you may still be able to keep your house and car; it depends on the value of those items and some other factors.
Either way, your co-signer is still liable for the debts. If you stop paying, they are liable.
Since this is a complicated area, and there are many factors to consider, we suggest you contact a trustee to arrange a no-charge initial consultation to review your options in more detail.
