Consumer Proposals are a way to negotiate with your creditors to pay off a portion of your debt, and an effective way to avoid bankruptcy. Here you can find answers to your specific questions about Consumer Proposals – the most often opted for bankruptcy alternative.
To learn more about this popular debt management solution, please choose one of the following:
For questions on consumer proposals and related topics, you can trust the experts at Bankruptcy Canada!
May 7th, 2020 by A Licensed Insolvency Trustee
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 […]
March 25th, 2016 by Questions
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 […]
March 7th, 2016 by NSS Admin
Statistics Canada keeps close tabs on the economic status of Canadian consumers, and publishes its findings yearly. Similarly, the Office of the Superintendent of Bankruptcy Canada (OSB) records statistics specifically on insolvency. Drilling down into the data reveals both cautionary and inspiring trends. Note that Statistics Canada defines a consumer as an individual with more […]
I owe a total of 70k including my car loan. I was advised to leave the car loan alone. Hence, apply for CP or DC for the rest. Since my mother is the primary owner of the account and I am just a signee of our RBC Credit line worth 36k, How would I be […]