Consumer Proposals Articles - Archive: 2012

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 [...]

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

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

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

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 [...]

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 [...]

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 [...]

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

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 [...]

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 [...]