Vehicle Loans And Consumer Proposal
If you make a consumer proposal the rights of your secured creditors are unaffected. This doesn’t meant that you can’t deal with your secured creditors by making a consumer proposal, it means that your secured creditor’s right to either be paid or to repossess your vehicle is unaffected. The reality is secured creditors don’t want to repossess your vehicle. They…
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Cost Of Making A Consumer Proposal In Ontario
A consumer proposal features one reasonable monthly payment against your debt over a period of no more than 5 years. The amount of the payment is based on your financial situation – it’s what you can afford! Try our Debt Options Calculator to see your options. The professional fees associated with filing a consumer proposal…
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Myth Vs. Fact: Credit And Rebuilding
Myth: By filing personal bankruptcy, I will destroy my credit forever. Fact: Filing .personal bankruptcy results in a R9 credit rating which, for a first time bankrupt, will remain on your credit report for 6 years after discharge. You do not have to wait 6 years to rebuild your credit rating. Myth: By filing a…
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When one spouse files for bankruptcy – what happens to the family budget?
ADAM ASKED: I am married but I am declaring bankruptcy by myself. My wife pays the rent and I pay everything else. Do I still have to declare rent? ANSWER: You are required to prepare a monthly budget detailing all of your family income and expenses when you file personal bankruptcy or make a consumer proposal. Even…
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When To Open A New Bank Account
Whenever I meet with anyone that is considering making a consumer proposal or filing personal bankruptcy in Ontario, I always recommend that they do their personal banking at a bank where they don’t owe any money. In many cases this means opening a new bank account at a different bank. Why? Because when you make a consumer proposal…
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We were asked: Are there different types of proposals?
The answer is yes. There are two types of proposals that can be filed under the Bankruptcy and Insolvency Act: a consumer proposal a division 1 proposal What determines which type of proposal you file is the amount of personal debt that you have. If your personal debts are less than $250,000, excluding the mortgage on…
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When is a meeting of creditors required in a consumer proposal?
When you file a consumer proposal you are asking your creditors to settle the amount of debt you owe. Since you are attempting to compromise your debt you need your creditors to accept or agree with the terms of your proposal. In many cases creditors will accept it as filed however sometimes creditors are not satisfied…
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Key Differences: Trustee In Bankruptcy vs. Debt Settlement Companies
There are important reasons why using a Trustee in Bankruptcy, like Welker & Associates, will always be a better choice. These are the critical differences between a Trustee in Bankruptcy, like us, and Debt Settlement companies. A Trustee in Bankruptcy: Is Licensed by the federal government Office of the Superintendent of Bankruptcy, a division of…
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Is it possible to consolidate different types of debt into one payment?
CAMERON ASKED: I was just wondering if I could consolidate credit cards and a line of credit as one payment? ANSWER: There are a couple of ways to consolidate your credit card debts and line of credit into one monthly payment. You could talk to your bank about getting a consolidation loan. The goal of…
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Stop Paying Your Creditors
People are always surprised when I tell them to stop paying their creditors. In many cases it’s the best advice. Once you’ve determined that you can’t dig yourself out of your personal debt issues on your own, you should stop paying the creditors that will be included in your consumer proposal or personal bankruptcy filing. Making…
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