Consumer Proposals Articles - Archive: March 2008

My car lease states that I will be in default and they can terminate the lease if a bankruptcy proceeding is filed or I am the subject of a receivership or insolvency proceeding or if my creditors seize the vehicle. Would a Consumer Proposal be considered a default of the lease agreement in this case?

I have a new car lease (3 months) and now I`m considering filing a Consumer Proposal. The trustee informed me that the Car Lease is included in the list of creditors and the total debt outstanding which brings the total very close to the maximum of $75,000. Why is the Car Lease included and could [...]

I`m considering a Consumer Proposal but I want to be sure that my car lease won`t be impacted and that I can renew my mortgage in 4 years. I`ve read that typically, if you`re up to date on your payments then there won`t be a problem but how can I make sure that they won`t [...]

A party owed me a large sum of money that was included in a consumer proposal. They did not fulfill the conditions of the proposal and it was annulled. I received a very small portion (from the trustee) of what I was supposed to receive from the proceeds that had been collected to that point. [...]

I put forth a consumer Proposal. Its was rejected by a creditor who i owed(32%) the rest all voted in favor(68%). Now at the 1st creditor assembly what is the majority needed for the proposal to be accepted at this meeting. Thanks

My Husband and I owe about $50,000 on a credit line We have a house, ( mortgage is with same bank as credit line—we don`t have mortgage insurance) a real estate agent says our house is only worth $79,000. We are paying on a mortgage of $89,000 over 27 years, mortgage renews in 3 & [...]

I am a single mother and I am about 55,000.00 in debt. I would like to pay my debts and would be able to do so over time, but the interest is killing me. I own a home of my own and in Alberta the housing market is so high that the value of my [...]

If we were to do a consumer proposal will it affect us when we go to renew our mortgage in five yrs and if we were to sell within the next 2 yrs would it affect our carrying our mortgage to a new home.

Can a family member, such as a parent, pay off a consumer proposal debt for their family member? If so, who should the cheque be made out to, and does this have to be discussed first with the firm that handled the consumer proposal?