Mr G

March 19th, 2012 by Questions

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 the proposal a home was suggested to be sold and proceeds if any go to creditors as well as a boat. I had perfect credit score and now the worst.

Posted from: British Columbia


One Response to “Mr G”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

This is the type of question you should contact your trustee about, but I can say this. There is an impact on your credit with a consumer proposal, but it is a different impact than a bankruptcy would have. A bankruptcy results in an R9 being listed with the credit bureau for 6 years from the date the bankruptcy is discharged. A consumer proposal results in a R7 being listed for 3 years from the completion of the proposal. So the credit bureau has likely made a mistake and you will have to go through their internal dispute resolution process, but if you need more information you need to discuss this with your trustee.

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