Consumer Proposals: Answers to Questions

Most Recent ‘Consumer Proposals’ Posts

tax deduction

I file for a consumer proposal in 2010, can I claim it as a tax deduction Posted from: Quebec

self employed consumer proposal

I’m self employed and considering a Consumer proposal to deal with my debt (approx $90,000). My understanding is that a time line will be established to pay the agreed percentage back to creditors. Can I continue to be self employed (vs. an employee of a company) and if my business situation improves can I pay […]

When asked – have u filed for bankruptcy?

If a CP was filed and u r asked “have you filed for bankruptcy?” – can you answer NO? If you try to apply for loan what are the implications? Posted from: Ontario

Mortgage forclosure during consumer proposal

I was wondering, I have a house with a value of 100000 and a mortgage of 145000. If I file a consumer proposal for my unsucured debt (credit cards) and it is acceptedand then the bank forcloses onmy mortgage after the acceptance, what happens with the shortfall after the sale. Is it considered unsucured debt […]

Melanie

Hi, I filed a comsumer proposal in March 2009. I have a current income, net of 3200 a month. I have 3 dependants at home, I am single and the sole income earner. I have a Jeep that I cannot afford and would like to give it back to the bank. I inhereted it as […]

thinking of Consumer Proposal

I am thinking of filing a CP. I cant deal with my monthly payments being so high every month. With my monthly income, I cant break even. As day passed by I feel the stress start to built up. My bank account starts to be on a negative sign. I owe almost $40,000 on CD, […]

YUKONMIKE

I AM LOOKING AT CONSUMER PROPOSAL AS A WAY OUT OF DEBT. ($22,000)IT IS A REAL POSSIBLITY I WILL RECIEVE AN INHERITANCE SOME TIME IN 2011. IF I AM ON A CONSUMER PROPOSAL PLAN AND I RECIEVE AN INHERITANCE, DO I GET TO KEEP ANY OR ALL OF IT. THE INHERITANCE WILL NOT BE ENOUGH […]

Mortgage Renewal while in a Consumer Proposal

If I go for consumer proposal and in 2 years time I will have to renew the mortgage, what is my chance being on R7 to have my house remortgage at a higher amount? Or it is not possible because of my credit score? Posted from: Manitoba

After the ProposA

I was wondering after the Consumer proposal is finished and during that time had a mortgage and or car payment and kept all this upto date, does this help with your credit rating after the proposal term? Posted from: Ontario

What happens with the monies while waiting for the 6 month payout to creditors

For the consumer proposal my trustee will pay my creditors every 6 months. So what happens with this money that I am paying in during that time. Is it sitting in some account? Is it invested? Do the lower amount creditors get paid off sooner than the others or are the payments divided and everyone […]

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