How To Rebuild Your Credit Rating
Credit rating is a fluid concept and is always changing. No matter what you do, including filing personal bankruptcy or a consumer proposal, you can always rebuild your credit rating. How can I rebuild my credit rating? Your credit rating is like a report card, when you file personal bankruptcy or a consumer proposal, you…
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Myth Vs. Fact: Collection Agencies
Myth: If you file a consumer proposal your creditors will continue collection action. Fact: When you file a consumer proposal all creditor collection action is stopped immediately. Myth: Filing personal bankruptcy or a consumer proposal will not stop collection agencies from calling. Fact: Filing personal bankruptcy or a consumer proposal immediately stops all collection agency calls. Myth:…
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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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How long does filing a Consumer Proposal affect your credit rating in Canada?
Filing a consumer proposal results in an R7 credit rating. There is no doubt that filing a consumer proposal damages your credit rating. Anything short of paying your creditors in full with interest in the normal course of business will result in a bad mark on your credit bureau report. The R7 credit rating remains on…
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What do I need for a meeting with a Trustee in Bankruptcy?
If you’re considering setting up a meeting to talk about your debts, you probably have an abundance of questions. One thing we are often asked is “What do I need to bring to a meeting?” To make the process run as smoothly as possible, here is a list of items you should compile before meeting…
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The Truth About Licensed Trustees In Bankruptcy
Licensed Trustees in Bankruptcy are officers of the court. I have seen and heard a lot of advertisements from various credit counseling firms warning people against dealing with a licensed trustee in bankruptcy. They make the case that they are working for you, the debtor, whereas a licensed trustee in bankruptcy is working for your…
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Which creditors can be included in a consumer proposal?
Creditors are a big part of the consumer proposal process. Proposals deal with all of your unsecured creditors (creditors that do not hold any assets as collateral for your debts) including: Credit cards Lines of credit Personal loans Payday loans Government debts Income taxes When filing, it is important to list all of your creditors. One…
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Is it better to make a consumer proposal or file bankruptcy when it comes to affecting credit rating?
We were asked: What’s the difference between a consumer proposal and filing bankruptcy when it comes to affecting your credit rating? My wife and I both have ratings in the mid to low 600s but payments are tight with a combined balance of approximately $50,000. Answer: Consumer proposal results in a R7 (bad) credit rating, which…
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Is it a good idea to consider filing a consumer proposal if you have surplus income?
Yes! If you have surplus income and you file personal bankruptcy your process will be longer and you will be required to submit monthly surplus income reports. A first-time bankrupt with surplus income is not eligible for an automatic discharge for 24 months and a second-time bankrupt with surplus income is not eligible for an…
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