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Proposal Question

After you proceed with a consumer proposal, how does it affect your credit? Will we ever be able to get a loan or credit again in the future? Do we get to keep one of our credit cards with a low limit, or do we need to close all accounts?

Posted from: Alberta

One Response to “Proposal Question”

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

As a result of a consumer proposal you will have an R7 listed with the credit bureau for a maximum of 3 years from the date the proposal is finished. So it is more difficult to obtain credit initally, but it is possible.

Your other question, the one about the credit cards, as part of a consumer proposals you are not able to retain any credit cards. They either have to be destroyed or turned over to your trustee?