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.
Not exact matches
Jason Quinney: Well, if you fall three months
in arrears, so if you fall three months behind
in payments
in a
consumer proposal,
then the
proposal's automatically annulled.
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.
What that means is that if you have ceased to be a student for at least 7 years
then your student loans will be included
in either a bankruptcy or
consumer proposal and will be forgiven.
Let's say you have a free consultation with us
in Toronto and
then move to another province before you sign the
consumer proposal.
If your overall debt is down to a $ 2,000.00 credit card bill it would seem that careful budgeting would be a better solution
then filing an assignment
in bankruptcy or filing a
consumer proposal.
If however your income is above the surplus income threshold, or you have assets that you might lose
in a bankruptcy,
then a
consumer proposal may be a better choice.
If you are behind
in your support payments because of the other debt you are carrying,
then a
consumer proposal or a bankruptcy is a good choice depending on your financial circumstances.
Now having said that, if you do actually have an appreciable amount of equity
in your property
then we're going to suggest that we consider filing a
consumer proposal; making an offer to the creditors to pay back part of what you owe but protecting the property as part of the deal.
If it is an unsecured loan (
in other words the bank gave you a line of credit and did not ask for any type of collateral),
then these loans would be eliminated by bankruptcy or a
consumer proposal with no waiting period.
If you are contemplating filing for personal bankruptcy or making a
consumer proposal in the hopes of discharging your student loan debt
then you should seek the help of a professional to ensure that you have satisfied the 7 - year waiting period.
If you are
in bankruptcy,
consumer proposal, or
in a debt management program
then the Credit Rehabilitation Savings program will be a good fit for you.
Doug Hoyes: Yeah, and I guess if you're retired but you've got a significant pension, perhaps you worked for a company that had a full pension plan, maybe you were a government employee and worked for a big company, than you still have significant income coming
in just not enough to be servicing all the debts so you don't want to do a bankruptcy with the negative implications for that so
in those cases, a
consumer proposal does work as well
then.