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"Everyone was so friendly; they made me feel like I wasn't alone"
~David - Langford


"I had no idea that there was any other option for me other than going bankrupt. I was great to be able to file a Proposal to my creditors, so I didn't have to go bankrupt. "
~Gord - Victoria


Posts from the 'Consumer Proposals' category

Consumer Proposal Victoria - Is this an Option for You

2014-02-14 00:01:50

If you are looking for an alternative to Personal Bankruptcy in Victoria, a consumer proposal may be an option for you to manage your debts.  Once you have concluded that you would like to do something to finally get a handle of your personal debts, you may have started to hear about a great alternative to filing for personal bankruptcy.  A bankruptcy is something that may work for you to solve your debts, but if you are fortunate enough that you have a level of income that you can pay something towards your debts every month, but just simply cannot get ahead of the interest that is being...[more]

Credit Counsellor vs. Trustee in Bankruptcy

2014-05-28 16:46:32

You’re struggling to pay your debts and you need some help; who do you go to for advice?  Both Trustees in Bankruptcy and Credit Counsellors offer financial advice and debt solutions options so what is the difference between the two?   Credit Counsellors offer help creating a debt...[more]

Consumer Proposal Rejections and RBC

2014-07-21 21:27:27

Generally a consumer proposal is accepted by creditors because it makes good financial sense. If you can show that your creditors will receive substantially more through a proposal than they would if you filed for bankruptcy then your proposal should get approval. Though it will be over a longer time period the creditors will be able to recoup more of their losses so they tend to look upon consumer proposals favourably.   However one of the biggest banks in Canada does not seem to fall in line with this logic. Royal Bank of Canada (RBC) routinely rejects proposals that all other...[more]

Bankruptcy Trustees: Your Questions Answered

2014-08-11 16:24:32

If you are struggling to keep up with your debt and are looking for a solution you have probably come across a lot of references to Bankruptcy Trustees and Consumer Proposal administrators. This post aims to provide a basic overview and answer the most common questions. Who are trustees? Bankruptcy Trustees are individuals who are licensed to administer bankruptcies and consumer proposals.  They have completed specific educational requirements and are federally licensed by the Office of the Superintendent of Bankruptcy, and as such they are subject to government...[more]

What Happens if You Default on Your Consumer Proposal?

2014-08-18 16:48:08

Once your consumer proposal has been approved it is your responsibility to stick to the payment schedule.  Your bankruptcy trustee will provide two mandatory credit counselling session designed to address your money management skills and provide you with tools for better financial health in the future, however they are not responsible for keeping your proposal payments on track. You can miss two proposal payments without dire consequences; the term will simply be extended to include those two payments.  However if you miss a third payment your consumer proposal is automatically annulled...[more]

Consumer Proposal v. Bankruptcy

2014-08-25 16:14:53

There are many options to solve problems with debt in Canada but the main choices are a consumer proposal or personal bankruptcy. While both are options to consider when solving debt problems, there are differences between these two options. The criterion to be eligible for a consumer proposal is:
  • Owe less than $250,000, which doesn’t include mortgage on primary residence
  • Unable to pay your debts on time (insolvent)
  • Be able to make the consumer proposal payments
  • No unfinished or open consumer proposals
A fixed monthly payment...[more]

What is a Consumer Proposal?

2015-09-23 19:25:25

What is a Consumer Proposal? A consumer proposal is an alternative to declaring personal bankruptcy. It’s an arrangement that’s negotiated with your creditors through a consumer proposal administrator who is also a licensed bankruptcy trustee. A legally binding agreement is put in place to provide you with immediate protection from creditors/debt collectors and arrange for a partial repayment of your total unsecured debt that is owed. When you file a consumer proposal you agree to pay a portion of what you owe, and your creditors agree to forgive the...[more]