Consumer Proposals: Answers to Questions

Most Recent ‘Consumer Proposals’ Posts

Fresh Start

I have credit card debt of 60000 and am looking into a consumer proposal. I own my own house and there is about 5-10 thousand equity in it. I racked up my credit due to legals costs during a separation. Is there any chance that they would take anywhere from 15000-20000. Posted from: Ontario

SQ

I submitted a CP for which I owed 150,000. I was informed that all creditors except two have accepted my CP, however we still have to wait the 45 days. The creditors that accepted hold 125,000 of the debt. Does this not mean that my CP should be automatically accepted? Posted from: British Columbia

Credit Cards

in america, if you do not pay on a credit card for 2 years, the debt no longer exsists. Is this the case in Canada as well? Posted from: British Columbia

Husband just lost his job

My husband just found out his company is closing is 6 weeks and after 15 years he is out of a job. He will get severance for 15 weeks (about 10,00k) He has a 36k debt consolidation bank loan that I co-signed for. He also has 5k in credit card debt. I have a 12 […]

Mr G

We recently filed a consumer proposal this year with a Trustee. He did not explain how the credit rating would be effected. I pulled my rating and some of the creditors state proposed bankrupt. If this is what is stated on credit report then might as well filed for that. Is this correct? Also in […]

Superintendents standards for a family greater than 7.

I have a family of 11. When determining the surplus income does the trustee have the ability to increase the amount that can be deducted? It does not seem an equitable standard otherwise. Thank you. Posted from: Ontario

switching from consumer to bankruptcy

Just wondering i cannot make payments now to my consumer proposals can I declare myself bankrupt. I was told that I would not be allowed to leave the country when you file bankruptcy, Is that true? Thanks Posted from: Ontario

Can you Withdraw A Consumer Proposal?

I recently filed a consumer proposal. It is in the process of being voted on. I would like to withdraw the proposal – is this possible? If I do and things don’t work out as planned can I move forward again at a later date? Posted from: Ontario

Sir

If i pay the amount on the proposal by one payment will still remain on my credit for 6 years or 3 years Posted from: Ontario

Susan

If I do a consumer proposal for a bank loan and someone else has co-signed the loan – does the bank automatically default to the co-signer or do they normally accept the proposal ? Is this negotiable ? Posted from: Ontario

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