Sentences with phrase «debt in a consumer proposal»

You can not modify the terms of secured debt in a consumer proposal.

The Supreme Court of Canada today ruled in favour of discharging 407 debts in a consumer proposal or bankruptcy.

Not exact matches

Today on Debt Free in 30 I talk with mortgage agents Michael Smele and Bev Gay about whether it's possible to buy a house after, or even during, a personal bankruptcy or consumer proposal.

And, because you repay a portion of what you owe over a period of up to 5 years, a consumer proposal is often the lowest cost option to consolidating debt, resulting in lower monthly payments than either debt consolidation or a debt management plan through a credit counsellor.

To put that number in perspective, it's also important to understand that, in Canada, student loan debt can not be discharged in a bankruptcy or consumer proposal unless the debtor has been out of school at least seven years.

A consumer proposal is a legal procedure that allows Canadians to repay a portion of their debts, instead of filing an assignment in bankruptcy.

They are part of the bankruptcy or consumer proposal and are included in your creditor list, as long as the CRA hasn't placed a lien against your property making it a secured debt.

Our recommendation at that time was that the waiting period to discharge student debt in a bankruptcy or consumer proposal (currently set at seven years), is too long.

If you feel making a consumer proposal in Ontario is the right debt solution for your debt problems your next step is to speak with a Licensed Insolvency Trustee.

Interest stops building upon accepted proposals from the date you file your consumer proposal, making it possible to see real progress, reduction in your already «reduced» debt with each payment made — in like amount to the actual consolidated, monthly payment made — unlike what you previously experienced with minimum payments on your credit card that never seemed to reduce the balance owing, leaving you more despondent with each passing month and year.

Insolvency and debt management services in our Toronto Yonge and Bloor office are provided by Licensed Insolvency Trustee and Consumer Proposal Administrator, Sandra Sykora.

Once payments are completed you will receive a certificate showing the terms of the consumer proposal have been completed and you will be relieved of any balance still owed from the debts that were in the proposal.

A consumer proposal in Ontario is a legally binding, negotiated debt settlement made between you and your creditors with the assistance of a consumer proposal administrator.

Shannon is a Licensed Insolvency Trustee and Consumer Proposal Administrator, helping individuals with their debt problems in our Ottawa location.

An individual's value to his creditors at time of filing a consumer proposal comprises his assets valued at liquidation (auction) pricing (that may be a garage sale for your furniture and household goods, the wholesale cash buyer for your car, or the pawnbroker for your jewellery) after deducting exemption in prescribed, legislated amount (s) for car, household goods, clothing, tools of the trade, medical aids, home, life insurance, pensions, RRSP, etc., which amounts to little or nothing for the large majority of us, less than our debt in any case.

To file a consumer proposal you must be insolvent (in other words owe more than you own and be unable to repay your debts) and owe less than $ 250,000 (excluding your mortgage).

In more general terms, a consumer proposal is an offer you make to your creditors to pay a portion of your debts.

If you're unsure whether your debts are joint or you're wondering how a joint bankruptcy or consumer proposal process works, contact a licensed Trustee in Bankruptcy to review your situation and discuss all of your options.

When my firm, Hoyes, Michalos & Associates, did a study of people who filed a bankruptcy or consumer proposal with us, we found that the average senior debtor owed almost $ 70,000 in unsecured debt, which was the second highest among all age groups.

A consumer proposal is often the safest, lowest cost debt consolidation option if you are dealing with more than $ 10,000 in debts and are struggling to keep up with your monthly payments.

If you don't qualify for a debt consolidation loan, or can not afford to repay your debts in full, talk to us about a consumer proposal.

We have years of experience with debt consolidation, orderly payment of debt program, consumer proposals, and bankruptcy that can work in your favor as you approach your debt resolution and tell you about each solution and how it can help you find your way out of debt and toward a better future.

From debt management to consumer proposals, Westgeest & Associates in Burnaby can help you escape crippling retirement debt.

If you've failed to pay bills, have too much debt in general or have gone through bankruptcy or consumer proposal, then you will have a low credit score.

The practice is based on historic provincial debt collection legislation intended in part to provide consumers with voluntary debt consolidation service when no one will lend — before the availability of the consumer proposal embodied in federal debt relief, financial restructuring legislation.

Consumer Proposal in Vancouver is the safe, well regulated, government tool to consolidate, restructure, reduce and control debt.

If you can't afford to repay your debts in full, the fourth option is a consumer proposal.

This higher debt limit (it was increased from $ 75,000 in 2009) is one of the primary reasons why more than 50 % of all insolvencies in Ontario are now consumer proposals.

In a consumer proposal you repay a portion of your debts.

The Bankruptcy & Insolvency Act sets the debt limit in a consumer proposal to $ 250,000 in debt, excluding the mortgage on your principal residence.

For instance, under the debt management program all of your debts in full and all future interest is forgiven, but with a consumer proposal you may not necessarily be asked to repay your debts in full.

Consumer proposals involve contacting your creditors and saying, in effect, that as much as I would like to pay back my debts, I can't afford to do so, so will you accept partial payment and call it quits?

In this video, Doug Hoyes, Bankruptcy Trustee and Consumer Proposal Administrator explains why a consumer proposal is one of the best choices to eliminate overwhelminConsumer Proposal Administrator explains why a consumer proposal is one of the best choices to eliminate overwhelminProposal Administrator explains why a consumer proposal is one of the best choices to eliminate overwhelminconsumer proposal is one of the best choices to eliminate overwhelminproposal is one of the best choices to eliminate overwhelming debts.

If you have debts, but are not sure about how an overpayment or any other debt will be treated, send us an email — we'd be happy to answer your questions about how they will be treated in a bankruptcy or consumer proposal.

For many people in Ontario, a consumer proposal is the best choice for addressing their debt problems.

In a consumer proposal you offer a payment plan to your creditors to repay a portion of the debts.

In general, the Bankruptcy and Insolvency Act states that all debts are discharged or cleared through a personal bankruptcy or a consumer proposal except for the following:

I'm a Licensed Insolvency Trustee and my firm, Hoyes, Michalos & Associates does thousands of consumer proposals and bankruptcies for people who turn to debt to make ends meet and eventually found themselves in deeper trouble.

If you have credit card debt and want to know how it could be affected by bankruptcy or a consumer proposal contact a local Trustee in Bankruptcy to book a free consultation.

By filing a consumer proposal or personal bankruptcy, you are protected from your creditors, will eliminate all or most of your debts and be permitted to keep your investments (minus contributions made in the last 12 months).

In a Consumer Proposal, most unsecured debts can be included.

If you are considering filing a more formal debt relief option, your bankruptcy trustee will ask you about your debts in order to help you decide whether bankruptcy or a consumer proposal make the most sense for you.

In a previous article we compared the cost of 4 different debt relief programs and determined that in most cases a consumer proposal offers the lowest possible monthly payment, significantly better even than a debt management plaIn a previous article we compared the cost of 4 different debt relief programs and determined that in most cases a consumer proposal offers the lowest possible monthly payment, significantly better even than a debt management plain most cases a consumer proposal offers the lowest possible monthly payment, significantly better even than a debt management plan.

In the majority of cases, a Consumer Proposal will require you to pay less than the full amount you owe and still get discharged from your debts.

In a Consumer Proposal, you will make one reasonable monthly payment and will pay only a portion of your overall debt.

We provide debt, consumer proposal, and bankruptcy definitions and information, links to related relevant content to help you understand some of the information you may read about bankruptcy in Canada.

It's for this reason that I was quite pleased to see the Office of the Superintendent of Bankruptcy (OSB) issue a report on their review of the involvement of debt consultants in the administration of consumer proposals in Canada.

And in a lot of cases well if they'd come in and, you know, for example filed a consumer proposal and dealt all their debt, their income is sufficient to pay their living expenses.

We offer consumer proposals in Milton that are designed to help you leave your debt behind.

In our case study we look at how Steve can best accomplish his debt consolidation objectives by filing a consumer proposal.