If I am unemployed but married in Community of Property (COP) can I still qualify for debt review?

If you are unemployed but married in Community of Property (COP), you may still potentially qualify for debt review, but there are several considerations to take into account.

1. Combined Financial Assessment

• In marriages that are in COP, the financial assets and liabilities of both spouses are typically considered collective.
• A debt counsellor will likely assess the combined income and expenses of both spouses to determine eligibility for debt review. This has the benefit of buying you time to find a job or secure a constant source of income. Furthermore, your assets are protected and you don’t lose your assets.

2. Spousal Income

• If your spouse is earning an income, this could be factored into the assessment, potentially enabling eligibility for debt review based on the collective financial situation. However, the spouse's income has to be sufficient to cover the required monthly debt repayment under debt review. In some cases, we have submitted retrenchment letters if the partner lost their job and asked the credit providers to assist the consumers. But then again each case is debt with on its merit. 

3. Joint Application

• If married in COP, the debts and assets are jointly owned and because of the COP marriage contract, you and your spouse both have to apply for debt review.  
• The application has to be assessed based on the combined debts and financial circumstances of both partners. The debt counsellor will look at the debt review application and it will be treated as a joint application and your spouse’s income will be declared as the income to pay the required monthly installments. 

4. Creditors’ Willingness

• Creditors will also assess the proposed repayment plan based on the combined income and expenses of the couple.
• The willingness of creditors to accept a revised payment plan will impact the success of the debt review application.

5. Legal and Contractual Implications

• Being married in COP has legal implications that affect how debts are managed and repaid.
• Understanding these implications and how they interact with the debt review process in is essential.

It may be possible to qualify for debt review if you're unemployed but married in community of property, primarily if the combined income of both spouses is considered sufficient to meet a restructured debt obligation. Consulting Debt Sage debt counsellors are beneficial because we understand the specific legal and practical implications of a COP marriage.  Our Debt Counsellors can help you to navigate the process accurately and effectively. We can provide tailored advice and guidance based on your collective financial situation and the specific legal context.