Our consumer proposal was discharged in 2015 and expunged from both our credit bureaus in 2018. We were able to secure a mortgage this summer (from a credit union), but during the inquiry to do so, found that a bank that we currently deal with (chequing and savings accounts) has an “internal note” about our […]
If you are considering filing a consumer proposal, you may have heard that your creditors will vote on whether to accept the proposal. This can be an intimidating prospect, and it is natural to wonder: how often do creditors vote no? If they vote no, can you make a modified proposal? Will your creditors be […]
The number of Bankruptcies and Insolvencies will depend on the new normal and how long we take to get there. Our only defence, so far, has been to stay home, social distance, and for all but essential workplaces, to close. Historically, bankruptcies and insolvencies in Canada approximate 120,000 – 125,000 cases each year. The big […]
If I were to file for bankruptcy, or a consumer proposal, in Quebec, and after a year or two I won a substantial amount of money, what would happen to these funds in a court case? Can I receive it without anyone being able to touch it? The money would be paid to me from […]
Families, like individuals and couples, have a wide range of expenses that draw on their financial resources. But for families with children, expenses are often larger and more varied than anticipated. Kids Can Be Expensive! Children are the proverbial “wild cards” when it comes to family spending. Parents are motivated to provide well for their […]
I have a question regarding a rental property and appliances inside it. If I were to file a consumer proposal and let the bank take back, my income property am I entitled to remove the machines before giving the property back? We are just curious because we’ve replaced almost everything in the last year and […]
Andy and Cynthia are a smart young couple, but they’ve gotten into trouble with consumer credit. Like most people, they certainly didn’t see money troubles around the corner when they started their small business. They were filled with optimism! And, things went well for a couple of years. Sales were actually better than they had […]
I started my proposal, regularly paid all installments up to now. I made a mistake in between: I didn’t know that I can’t sell my house, and if I sold it, I have to pay all the proceeds to my trustee, what is due. I innocently kept paying monthly installment up to now, and at […]
Years ago my mother put me as a secondary on her credit card little did I know it was already maxed out. A few years later my mother ended up filing for bankrupty and the bank came after me for the 15, 000 which I had no idea it was even that much as never […]
Here’s the question- Upon successfully completing consumer proposal, all negative credit information will remain on file at the credit bureaus. What happens after the three years, is it like it never happened? Will my loans which were maintained before-during-and after CP (vehicles) be considered as old but good credit? Will I have to disclose that […]
