Consumer Proposals: Answers to Questions

Most Recent ‘Consumer Proposals’ Posts

Consumer Proposal?

Does filing for a consumer proposal affect any life insurance one has? I have read that you need to list all un-secured debt, and negotiate settlements for payment that way….. but can you still maintain your life insurance payments and keep your life insurance going? Posted from: Ontario

Avoiding Bankruptcy

My wife & I work full-time, and also own a small corporation on the side. Can we file a Consumer Proposal for our personal debt without it affecting our company? Posted from: Ontario

would bankruptcy be my only option

If your creditors refuse a Consumer Propsoal is Credit Counselling a viable alternative? Or would bankruptcy be the only option? Posted from: Ontario

CRA Refuses Consumer Proposals?

I just had a quick conversation with a trustee and she told me that it`s not likely the CRA would accept a Consumer Proposal from me. She said they always turn them down `in her area` (Windsor) but `maybe it`s different in your area` (Toronto). This seems odd to me, why would the CRA choose […]

Royal Bank

I have $51,000 in unsecured debt of which $29,000 is with Royal bank. I have heard that they are difficult to deal with. Am I less likely to be successful getting a reasonable consumer proposal approved because of this? I also read they will not do a proposal of less than 5 years. Does this […]

Reasonable Offer

Hello, I was wondering what percentage is considered to be a reasonable proposal, I was thinking about making a 15% proposal but I am willing to settle around 25%. In your experience what would you say is the average percentage agreed upon in Ontaio. Posted from: Ontario

Am I ambe to keep a credit card under a consumer proposal

If I am considering a consumer proposal and I am accepted am I still able to continue to hold a credit card? Or would I have to start a secured credit card right away? Posted from: British Columbia

When you file a consumer proposal all your credit cards have to be delivered to your trustee

I have a large debt with just one creditor, what would happen to all my other creditors, who I don`t any money to, if I were to file a consumer proposal? Would all my credit cards be cancelled? Posted from: Ontario

mercyme

Me and my wife have a debt of $70,000 in credit cards, line of credits and personal loans, all these in a failed investment. We have a very stable job in health care. We have a house worth $590,000 and owing the bank around $530,000. We don`t to refinance coz of the stiff penalty, plus […]

Downsize while in proposal

I am one year into my proposal, but thinking about downsizing my house to save even more to pay it off quicker. Would I be able to sell my current house, and buy a smaller one, porting my current mortgage over? Posted from: Ontario

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