November 18th, 2012 by Questions

If I claimed bankruptcy I understand I would only be “in it” for 9 mths (credit affected for 7) thinking cp may be a better option but for future loans mortgages etc etc am I technically “in” cp until my payments are finished?

Posted from: British Columbia


One Response to “mortgage”

, A licensed trustee said:

Yes, you are “in” your proposal until it has been paid in full. While you are in the proposal your credit rating will be a 7 – if you file for bankruptcy you will be rated a 9 (1 is the best…).

If your main concern is yoru ability to borrow again in the future then bankruptcy might make more sense than a proposal – it literaly depends on your situation. This is somehting you want to discuss with your trustee in detail BEFORE you file. They will be able to tell you which solution makes the most financial sense for you.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)