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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 […]
If I am filing a consumer proposal, do I have to disclose non-taxable pension that I receive from the Department of Veteran Affairs? I do not have to claim this on income as it is a gift from the government for my injuries I incurred while serving overseas. The government nor does my disability company […]
If my ex. did a consumer proposal and tried to include our house what happens if I try a consumer proposal. His proposal was denied by the mortgage company
Is a home equity line of credit considered a secured creditor? If so, I am currently past due but have made arrangements to resolve the outstanding amount. Once I clear up the amount outstanding and file a consumer proposal, will the bank go ahead with a foreclosure even though I brought the account current?
I have two questions: 1] I understand that a consumer proposal is only available if the debt is $250,000 or less? What is available if debt exceeds $250,000? 2] If the majority of creditors do not accept the consumer proposal, is the debtor forced into bankruptcy or are there any other options?
Last year I wanted to negotiate the HST owed to revenue can from a failed business. A firm directed me to make a consumer proposal. I was not properly assessed. I informed them I had a line of credit of over 200k if it was going to be affected. They said no it secured line […]
I am listed on all my mother’s accounts, because my mum had dementia, and I pay her bills. This is not my money, and should I decide to make a consumer proposal; I don’t want the bank to take it. Also, I am executor should anything happen, so I need to be able to handle […]
I am about to receive EI and it will barely cover my living expenses. Would I qualify for Consumer Proposal?
The value of my home significantly exceeds my total debt. Would that be a problem if I was to file a consumer proposal? Can it result in creditors NIL my proposal?
