Sentences with phrase «proposal over bankruptcy»

Eight in ten insolvent homeowners file a consumer proposal over bankruptcy.

Why choose a consumer proposal over bankruptcy?

Here is the story of how one couple solved a lot of issues by choosing a consumer proposal over bankruptcy.

But if paying a little more in a proposal makes you feel better, and you can afford it — it is a valid reason to choose a proposal over a bankruptcy.

Consumer proposals are a growing alternative in Canada with more than 4 in 10 Canadians choosing a consumer proposal over bankruptcy.

Not exact matches

Most of the people I meet with ask me: «How long does it take to get my credit back after my bankruptcy or consumer proposal is over?»

Providing many of the same benefits as filing bankruptcy, including creditor protection and elimination of overwhelming debts, by choosing a consumer proposal, people with severe debt problems gain several advantages over other forms of debt relief the most significant of which is dramatically lower monthly payments and avoiding bankruptcy.

Over 100,000 Canadians have found reliable information here about Bankruptcy and Consumer Proposal, and about contacting a friendly, local Trustee.

Not only can a consumer proposal be reviewed with you, but they'll also go over the merits and consequences of filing bankruptcy.

The amount of seniors (60 +) that file a bankruptcy or consumer proposal with our firm has increased from 10 % to 12 % over the past two studies.

In Canada in 2014, over 118,000 individuals filed a consumer proposal or personal bankruptcy.

We've analyzed the numbers for our clients across Ontario, and we've found that almost one third of my clients, people who have so much debt that they have no choice but to file a consumer proposal or bankruptcy, owe almost $ 3,500 on not just one but over 3 payday loans when they file with us.

While women are somewhat less likely than men to file a consumer proposal, thereby avoiding bankruptcy, just over one - half (59 %) do so.

When you file for personal bankruptcy or make a proposal to your creditors, you must turn over all credit cards to your trustee, who will then return them to your credit card companies; that is the law (paragraph 158 (a. 1) of the Bankruptcy and Insolvency Act and Directive # 3 issued by The Superintendent of Babankruptcy or make a proposal to your creditors, you must turn over all credit cards to your trustee, who will then return them to your credit card companies; that is the law (paragraph 158 (a. 1) of the Bankruptcy and Insolvency Act and Directive # 3 issued by The Superintendent of BaBankruptcy and Insolvency Act and Directive # 3 issued by The Superintendent of BankruptcyBankruptcy).

If a consumer proposal and a bankruptcy are identical, the answer would be «file bankruptcy and get it over with».

To pay $ 16,000 over a 21 month bankruptcy (if Fred wanted to keep his RESP and RRSP) would cost over $ 760 per month; the proposal payment of $ 300 per month was much more affordable if there was no overtime;

A consumer proposal and / or a bankruptcy often run for many years and if you aren't comfortable with your trustee at the outset then it is unlikely you will become more comfortable with them over time.

What we do is we take all of the data from all of our clients over the last couple of years, because if you file a bankruptcy or consumer proposal with Hoyes Michalos, obviously it's a legal process, we're required to gather a bunch of data, obviously your name and address but a whole bunch of detail on your debts, your assets, your income that sort of thing.

And what's been happening over the last year or two is their house has gone up in value so much that yes they can actually refinance or sell it, and as a result they don't need to do a consumer proposal or a bankruptcy to deal with their debts.

Once your bankruptcy or proposal is over, and you have some savings to use as an emergency fund, consider using some of your savings to get a secured credit card.

In some cases a consumer proposal is a better option than a second bankruptcy, since by filing a proposal you have certainty over what you will be required to contribute during the process.

So, the whole concept then in a consumer proposal is, you take what I would have had to pay in bankruptcy, offer a little bit more because we need the creditors to say yes to it; but I can stretch those payments out over a longer period of time then what would happen in a bankruptcy.

The other major impact of this ruling is that license plate renewals can not be withheld over an unpaid 407ETR debt if you are a discharged debtor because all 407ETR debts are dischargeable under a bankruptcy proceeding or consumer proposal.

We're doing an increasing number of bankruptcies and consumer proposals for people over the age of 60 who have debt and are carrying debt into retirement.

A consumer proposal is a win for both debtors and creditors because both parties end up with a benefit over bankruptcy.

We have successfully settled hundreds of thousands of dollars over the past 17 years using our settlement proposals and anti-creditor abuse laws for those individuals where bankruptcy is not the best option.

It's been over six years since the Canadian government made changes to the Bankruptcy & Insolvency Act (BIA) in Canada to make bankruptcy more expensive and to promote an alternative: a consumerBankruptcy & Insolvency Act (BIA) in Canada to make bankruptcy more expensive and to promote an alternative: a consumerbankruptcy more expensive and to promote an alternative: a consumer proposal.

However, if you owe more on your car than it is worth (perhaps you've refinanced and rolled - over an existing car loan into your new car purchase) and you find the payments too expensive, (for example, the interest rate is too high), you have an option to get out of the secured financing — the bank loan or lease — through a consumer proposal or bankruptcy.

My firm, Hoyes Michalos, has done thousands of consumer proposals and bankruptcies for people over the years with student loans, and in many cases dealing with all your other debts, like credit cards and bank loans, gives you the relief you need so you can manage your student loans.

Most people are surprised when they learn how many Canadian consumers have filed for Bankruptcy or Consumer Proposal as an insolvency solution in the past ten years: over one million individuals.

We filed the proposal but they kept asking for more money (she had over estimated my income by about $ 400 a month) and I didn't feel I would be able to pay it so I had no choice but to file bankruptcy.

Ted Michalos: Well, so the big advantage of the consumer proposal is you can spread those payments over sixty months — five years — and so the first test we have is, you've got to offer more than the bankruptcy.

Consumer proposal, bankruptcy, you must turn over your credit cards when you start the process.

Insolvent debtors with a household income above the government mandated thresholds limits are more likely to choose a consumer proposal as an alternative to bankruptcy in order to spread potential surplus income payments over a period of up to five years.

In Canada, in 2016, just over 130,000 individuals filed a consumer proposal or personal bankruptcy ¹.

Even if they may get nothing in a bankruptcy, it is generally not worth it for them to only accept, say, 5 cents on the dollar in a proposal, because it's not worth it for them to cash very small cheques over many years.

So often times that client is going to opt for bankruptcy because typically they're low income and they're not able to pay much more than just what a minimum fee bankruptcy would cost which is usually about $ 200 a month over a period of nine months but the odd time the consumer really wants to do a proposal, the age range is pretty dramatic.

Less severe than personal bankruptcy, a proposal is an offer to all of an individual's creditors to pay a portion of debt under a strict plan over a maximum of five years.

In a consumer proposal, you can offer a reasonable repayment plan over a period of up to five years, and if the creditors accept it, you avoid bankruptcy and bankruptcy court.

The percentage of debtors filing a bankruptcy or proposal who own a home has declined steadily over our last two studies.