Hi I have conusluted with a bankruptcy trustee about doing a CP and we have determined my monthly payment to be $200. He has asked me to open a new checking account at a bank that I do not have a credit card with. He has also asked me to bring $300 cash and two [...]
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Consumer Proposals: Negotiate with Your Creditors and Avoid Bankruptcy
Consumer Proposal is a way to negotiate with your creditors about paying off only a portion of your debt, and an effective way to avoid bankruptcy. Here you can find answers to your specific questions about Consumer Proposal - the most often opted for alternative to bankruptcy.
To learn more about this popular debt management solution, please choose one of the following:
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For questions on consumer proposals and related topics, trust the experts at Bankruptcy Canada!
The latest Consumer Proposal related questions, with our experts' responses:
Posted on Friday, May 18, 2012
posted by Questions @ I own a business in Ontario and have about 90K in unsecured debt. I am a sole proprieter. Can I file a consumer proposal? Posted from: Ontario
Posted on Friday, May 18, 2012
I would like to know what would happen to my rrsp if i decided to go for consumer proposal? Do i need to continue paying for it? Posted from: Ontario
Posted on Monday, May 14, 2012
I am considering doing a consumer proposal, but have only 3 creditors, one of them CRA. Would love to know the success rate Posted from: Nova Scotia
Posted on Friday, May 11, 2012
Hi, this forum has helped alot but i have a question for it. my proposal was accepted by my creditors a few days ago with my payments being 42 months and i plan to pay back sooner, but with summer coming up it would be nice to go across the border or online shop and [...]
Posted on Thursday, May 10, 2012
I have the 2009 and 2010 tax returns to file (though likely there isn’t any amount owing to CRA for both years) and was wondering if I can file for consumer proposal prior to submitting my 2011 tax return (i.e. once I get the the NOA’s for both years)? I only ask because I don’t [...]
Posted on Wednesday, May 9, 2012
I was told that if you want to do a consumers proposal then you must max out all your credit cards? is that true or can you leave whatever money is left on it available.? example: I have a credit card of 4000 and i only have used 1200, should i use the remaining amount [...]
Posted on Tuesday, May 8, 2012
In a Consumer Proposal I understand that you have to include all your debts. Does this include joint loans with other parties, i.e. spouse or friends? Posted from: Ontario
Posted on Tuesday, May 8, 2012
Thinking about doing one, mostly credit card debt around $80,000 between me and my wife, I haven’t even used my 2 cards in 2 years , I am just making minimum payments, I have 3 young children ages 8, 5and 3 and I my wife has a good job and I work away seasonally and [...]
Posted on Tuesday, May 8, 2012
My husband and I filed for CP end of the March for 94,000K. My trustee sends creditors a proposal for $300/month for 60 months. (if I go bankrupt I need to pay 14,000k). After 3 weeks RBC voted for $680/month which we can’t afford. RBC has the majority in our case and 45 days is [...]
Posted on Monday, May 7, 2012
