Consumer Proposals Articles - Archive: May 2010

Why would creditors find it a waste of time if you offered them less than 1/3 of the balance. We have about $100k in debt and willing to pay about $22k in one lump sum. This money is coming from family. RBC has rejected this offer. If we were to file bankruptcy, they would only [...]

If I file a consumer proposal this year, will my son, who is 16, be affected by my R7 credit rating when he is applying for student loans. Posted from: New Brunswick

Can I keep one credit that is in good standing and not included if I file a consumer proposal to be used in case of emergency? Thanks. Posted from: British Columbia

I have a 36-month consumer proposal ($700 per month payment) and I completed 28 months. Now the consumer proposal is annulled because of 3 missing payments. But I do not plan to go bankruptcy because of my surplus income and 21-month-long bankruptcy(the initial debt for this CP is about $30,000). What will be the best [...]

I have an RRSP loan from the insurance agency for less than 5 months now and my beneficiary is my sister. Now, i`m planning to do consumer proposal. What will happen to that loan? Posted from: Ontario

Last week I filed for a consumer proposal. I was wondering what would happen if anything to my bank account? I have an overdraft protection with my bank however I do have a credit card at the same bank that was included in my consumer proposal. My overdraft protection is only for $1000 however this [...]

How public is a consumer proposal? Do people other than your creditors know what you are going through or is it fairly quiet? Posted from: Ontario

What happens to funds earned during the period while waiting for creditors to consider a proposal? Posted from: Manitoba

I have 2 properties, one being my principle residence and the other my cottage. I have the cottage listed for sale but the mortgage lender is in the process of forclosure. I would like to be able to keep the cottage until I can sell it as I do have considerable equity in the property. [...]

I had a consultation with a trustee today to determine if a Consumer Proposal was an option for me. They calculated my budget with me and came up with a monthly payment of $300 per month for 36 months. I find that this amount is a bit high and I am not really sure if [...]