Consumer Proposals Articles - Archive: April 2008

My wife and I both work in the financal sector. She is with one of the Top 5 Banks in Canada and I am with the Provincial Government. My question is this: Can we file a consumer proposal and still keep out jobs? We owe around $115,000.00 and want to pay it back but there [...]

Hi there, My mom is considering filing a consumer proposal. She has approximately $90,000 in total debt – including $20,000 in personal income tax and $30,000 in corporate income tax. The balance comes from a personal loan and a relatively small amount of consumer debt. She also has $250,000 equity in a home she doesn`t [...]

If I were to file a division one proposal, how is my cash flow determined to be eligible? ie. What would the trustee use to estimate grocery, misc needs etc. We have no assets left and are used to spending more than we make, but we really would prefer a proposal.

My health is the main reason for my money problems. I currently have a lawsuit being handled by a law firm. It is by no means a sure thing and may take years to settle. Even though I no longer have equity left in my house or assets, I would like to do a proposal. [...]

My common-law husband and I are both in debt and have been trying hard to figure out what our best option is. WE currently own our own home…..with about 35K equity….in Ontario and we don`t want to lose it. I have debts in my name and he has debts in his name….if we were to [...]

We have approx 40,000 equity in our home. Would you expect the creditors to agreeto the proposal with this amount of equity? The majority of our debt is unsecured credit cards through the same lender as is our mortgage. If they did agree to the proposal, would they even consider renewing the mortgage when it [...]

I am considering a Consumer Proposal. The majority of the debt is in my name alone, but I do have a credit card that has my wife`s name on it. I want to make my proposal solely. How would my wife`s credit be affected? I do have room on my credit to transfer the debt [...]

My husband and I have separated and we divided the debt somewhat but he is not taking the responsibility for his debt and I have never missed a payment on my car but have however been late on Sears but do however make a point to pay it. The debt that will go undser this [...]

I have recently submitted a Division 1 proposal for a debt to 4 creditors: -creditor A: $5,000 -creditor B: $3,000 -creditor C: $18,000 -creditor D: $206,000 Creditors A,B,C submitted profer Proof of Claims, and B & C both accepted, so TECHNICALLY 2 out of 3 creditors accepted with over 80% of the dollar amount for [...]