If I make a consumer proposal, what can I expect?
When people come to me to discuss bankruptcy, they often don’t realize that a consumer proposal may also be an option. If a consumer proposal is right for you, these are the steps that you will need to take in order to complete your proposal. Step 1: Meet with a licensed insolvency trustee: Review your…
Ontario Students With OSAP Debt Often Seek Our Advice
Post-secondary debt blues in Ontario? You’re not alone and we can help. Just last week, we talked to two young adults in exactly this same position. Why did they call a Licensed Trustee? Pretty simple – they got student loans to help fund their education and with limited income, they were struggling to make the required payments. This…
A member of the Better Business Bureau with an A+ rating!
We value the trust of our clients and partners, which made it even more important to be a member of the BBB. The Better Business Bureau is an unbiased organization that sets and upholds high standards for fair and honest business behavior. Businesses that earn BBB accredited business status contractually agree and adhere to the…
How does filing a consumer proposal affect TFSA and RRSP investments?
When you file a consumer proposal you are able to keep ALL of your assets. This includes any amounts that you have invested in an RRSP or TFSA account. When you make a consumer proposal, you are offering your creditors a settlement, which is more than what they would get if you were to go bankrupt. Essentially you are saying,…
Is bankruptcy the only option after making a consumer proposal in the past?
The basic rule is that you can only make one consumer proposal to any one group of creditors. Therefore, if you made a consumer proposal in the past to a group of creditors, and you completed the proposal (it was fully performed), then you could make another consumer proposal to deal with any new creditors that you are struggling with today….
What are the consequences of filing bankruptcy a second time?
If you’ve already filed personal bankruptcy once in Ontario, it’s important to consider all your options before filing a second time. Going bankrupt for a second time damages your credit for much longer than a first bankruptcy. Anyone who files personal bankruptcy receives a R9 credit rating, which is the worst, regardless of whether it is their first or second time filing. The difference…
If I make a consumer proposal or file personal bankruptcy will I be able to rent?
Making a consumer proposal or filing personal bankruptcy has a negative impact on your credit rating that may affect a landlord’s decision to accept your rental application. However, the majority of people that we deal with are renters and many of them move during the course of their consumer proposal or personal bankruptcy. Landlords, like any other creditor, are primarily…
We were asked: Can a consumer proposal clear old debt in collections – will filing affect my credit rating?
We’re here to help you deal with debt and give the best option possible depending on your personal situation. Filing a consumer proposal is not a strategy for rebuilding your credit, it is a strategy to get out of debt. Filing a consumer proposal results in a R7 (bad) credit rating that will remain on…
We were asked: How would divorce affect our consumer proposal?
When we meet with married couples, we always look at each spouse as an individual and the family as a whole. How would divorce affect a consumer proposal filed in Ontario? If you and your spouse separate after filing a consumer proposal, the responsibility for making payments depends on: How the consumer proposal is filed. What…
We were asked: Does filing a consumer proposal affect my mortgage renewal?
This is a good question that highlights asset concerns when filing a consumer proposal. The renewal of your mortgage is typically an automatic process, and unaffected by filing a consumer proposal. Renewing your mortage with your existing lender does not usually require a credit application. However, the one issue that may arise is if you do not want…