Humble
February 9th, 2011 by Questions
My proposal was accepted Dec 2009. I am repaying $500/ month for about the next 6 years. recently in the bank i was told that my financing and mortgaging options were limited since \”you filed bankruptcy for over $300,000\”. How do i go about setting the record straight with the Bureau, and open more financial options for myself while repaying my debt? Right now nobody wants to touch me.
Posted from: Alberta
CATID10
One Response to “Humble”
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February 10, 2011 at 11:06 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
It is very common for the credit bureau to make mistakes of this nature. What you need to do is contact the credit bureau (usually either Equifax or Trans Union), and go through their dispute resolution process to have any inaccurate comments removed. This will likely require you to provide a copy of the actual proposal, your Statement of Affairs and your Certificate of Appointment of Administrator, but once this is done it should adjust the mistaken rating.
However, you will find that it is initially challenging to obtain financing during a proposal. It is arguable whether this is more or less difficulties than you would have found in the absence of filing the proposal (due to a high debt load), but it still can have it’s challenges. The trick with mortgages is your are best not to refinance in most circumstances as this simply will create more debt and the goal of the proposal was to limit your debt.