Thinking of filing a consumer proposal

My husband and I are ready to file a consumer proposal. Our mortage will be due for renewal in four years so we will still have a `not great` credit rating at that time. We will still be able to get a mortage (hopefully with the same financial institution)?

Posted from: Ontario

One Response to “Thinking of filing a consumer proposal”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

This really depends on the institution you are banking with. Clearly there will be some information that will be considered negative as a formal solution under the Bankruptcy & Insolvency Act has been filed to deal with your debts, but it will be off set by your increased cash flow and ability to afford the mortgage payments.

Typically we find that as long as you are renewing with your own institution it isn’t as difficult as they rely more on your internal history and less on your credit history.