Last year, my husband and I looked at doing a consumer proposal. The challenge at that time was that we own 2 properties – residence home and cottage. The value of the cottage put my husband over the 250K and the majority of our debt is joint. Unfortunately now, my husband and i are in the process of separating. As part of our separation agreement, i am remaining in our principal residence, and my husband has moved to the cottage and that is now his principal residence. Our credit rating does not permit us to change title on the properties at this time, therefore they will remain in both names.
My question is this – if it is stated in our separation agreement that he is now living in the cottage as his principal residence, would we be able to look at doing the consumer proposal?
