Consumer Proposals Articles - Archive: September 2009 Page 2

my husband and i are about to file for a consumer proposal. Our credit cards debt is between 30-40 thousand dollars. we have missed two mortgage payments, and numerous credit card payments because we fell way behind. How to we go about filing for a consumer proposal when we have missed payments on credit cards [...]

If a lien on my home was put in place by one of the creditors (who is now part of the consumer proposal `deal`), prior to the registration of the proposal, shouldn`t the lien have been lifted upon its acceptance? Posted from: Ontario

Does filing for a consumer proposal affect any life insurance one has? I have read that you need to list all un-secured debt, and negotiate settlements for payment that way….. but can you still maintain your life insurance payments and keep your life insurance going? Posted from: Ontario

My wife & I work full-time, and also own a small corporation on the side. Can we file a Consumer Proposal for our personal debt without it affecting our company? Posted from: Ontario

If your creditors refuse a Consumer Propsoal is Credit Counselling a viable alternative? Or would bankruptcy be the only option? Posted from: Ontario

I just had a quick conversation with a trustee and she told me that it`s not likely the CRA would accept a Consumer Proposal from me. She said they always turn them down `in her area` (Windsor) but `maybe it`s different in your area` (Toronto). This seems odd to me, why would the CRA choose [...]

I have $51,000 in unsecured debt of which $29,000 is with Royal bank. I have heard that they are difficult to deal with. Am I less likely to be successful getting a reasonable consumer proposal approved because of this? I also read they will not do a proposal of less than 5 years. Does this [...]

Hello, I was wondering what percentage is considered to be a reasonable proposal, I was thinking about making a 15% proposal but I am willing to settle around 25%. In your experience what would you say is the average percentage agreed upon in Ontaio. Posted from: Ontario

If I am considering a consumer proposal and I am accepted am I still able to continue to hold a credit card? Or would I have to start a secured credit card right away? Posted from: British Columbia

I have a large debt with just one creditor, what would happen to all my other creditors, who I don`t any money to, if I were to file a consumer proposal? Would all my credit cards be cancelled? Posted from: Ontario