Home   Help Search Login Register  
Bankruptcy Canada online support group helps you connect with other people who have or are experiencing bankruptcy.
Total members: 11684 (2001 Posts in 553 Discussions)
Free Sign Up : anyone can join and post anonymously
Choose nickname:
Enter email address:
Choose password:
Re-enter password:
Type the 5 letters into the box below:
Type the letters shown in the box
 
I agree to the Terms & Conditions

 
Welcome to the Consumer Proposals category of the Support Group. Don't want to file bankruptcy? A consumer proposal is an alternative. This is the place for discussions about Consumer Proposals.
Pages: [1]
Print
Discussion: possibility of CP  (Read 276 times)
Discussion Average Rating: 0
0 People have voted to have this discussion removed
« on: January 15, 2012, 10:59:22 PM »
apus
Newbie

View Profile
*
Posts: 2



My husband and I considering CP due to our dept in credit cards and high mortgage
My husband through last 3 years was out of work on and off and in 2010 lost his job permanently. Since then he can't find a job mybe due to age ( he is in his late 50's).
I still have good incom but it is not enough to pay all bills.
We are trying to sell our  house ( not much equity on it) and I gave mayself time until end of March to do it, (selling by the owner).
But to do that i have to withdraw my RRSP and wonder if it will affect CP  and ceditors voting if our house wont sell and we have to returne it to the bank and apply for CP
 need some answers, apus
Logged
« Reply #1 on: January 16, 2012, 08:56:13 AM »
Mac
Newbie

View Profile
*
Posts: 5



I would suggest seeing a Trustee sooner rather than later and on top of that i would see more than one trustee to get 2 opinions not all trustees are as good as others.  A consumer proposal may be right for you depending on your debt and your ability to have income to pay the proposal.

    RRSP's that were contributed more than 12 months prior are generally exempt from a bankruptcy. you do not want to put exempt assets on the table if you dont have to
Logged
« Reply #2 on: January 16, 2012, 09:37:35 PM »
apus
Newbie

View Profile
*
Posts: 2



thanks,Mac
good advice but there are some problems,if i dont get my many from RRSP I wont be able to keep my house for sale longer than until end of March and if it doesn't sell i will have to returne it to bank that will mean for us probably never be able to buy other house becouse we are not far from retaiment(7-9 years), so not enough time to rebuild credit, and we will have to rent always. What happens if I use the many for few mnth to keep house for sale ,if it sells thats great we can manage paying our depts until we can buy a house, but what will happend if house doesn't sell anyway and I dont have that many -for me ok to bad i took risk- but whats with CP and creditors

 Huh
Logged
Pages: [1]
Print
Jump to: