Tax Refunds and Filing Taxes With A Consumer Proposal
When you file a proposal, you are making a deal with your creditors and one of the benefits to doing this is that you keep all your assets, including, in most cases, your income tax refund. Below, I’ll...
View ArticleWalking Away From Pre-Con Deal. When is a Proposal the Right Solution?
You signed a pre-construction purchase agreement when the market was hot, but now you can’t close on the property. Maybe property values have dropped significantly, or rising interest rates have made...
View ArticleJoint Consumer Proposal: Who Can File Together?
In Canada, a consumer proposal is a formal, legally binding process that allows individuals to make an offer to their creditors to repay less than they owe. For couples or related individuals facing...
View Article10 Common Consumer Proposal Myths Debunked
Considering a consumer proposal to deal with your debt? You’ve probably come across various claims online about what a consumer proposal involves. Let’s clear up some common misconceptions so you can...
View ArticleCan I Get a Car Loan With a Consumer Proposal?
Yes, you can get a car loan both during and after your consumer proposal. While the process and rates will improve after you complete your proposal, many Canadians successfully finance vehicles at both...
View ArticleCan You Include Your Car Loan Debt in a Consumer Proposal?
If you can’t afford or have fallen behind on your car loan payments, there are options to deal with the debt. While a car loan can’t be directly included in a consumer proposal because it’s secured...
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Do You Qualify For A Consumer Proposal?
A consumer proposal offers Canadians struggling with debt a legal way to reduce their debt payments and avoid bankruptcy. By working with a Licensed Insolvency Trustee, you can negotiate with creditors...
View ArticleCan a Consumer Proposal Be Rejected?
While most proposals are accepted, creditors can reject or request modifications to your initial offer. Understanding how and why rejections happen helps you make informed decisions about your debt...
View ArticleAvoid The Surplus Income Penalty With A Consumer Proposal
In a bankruptcy, the amount of money you’re required to pay is based on your household income. When filing bankruptcy in Canada, you may be subject to this surplus income penalty depending on how much...
View ArticleCan You Get A Mortgage After a Consumer Proposal?
A consumer proposal offers a fresh start for many Canadians struggling with debt but often raises questions about future financial opportunities, particularly homeownership. If you’ve completed a...
View ArticleHow Long Does a Consumer Proposal Take?
A consumer proposal in Canada is a powerful debt relief option that allows you to settle your debts without declaring bankruptcy. From initial filing to final discharge, a consumer proposal involves...
View ArticleConsumer Proposal Terms. How To Structure Your Debt Settlement Agreement
Consumer proposals have become an increasingly popular debt relief option for Canadians struggling with overwhelming debt. As a legally binding debt settlement agreement between you and your creditors,...
View ArticleHow a Consumer Proposal in Canada Affects Secured Debt
Dealing with financial challenges often involves navigating through a web of debts, each with its own rules and consequences. Secured and unsecured debts pose different considerations, and...
View ArticleHow Does a Consumer Proposal Work
Consumer proposals in Canada are a debt relief solution for individuals drowning in debt, offering a structured plan for financial recovery. In this article, we’ll explore how a consumer proposal...
View ArticleDo You Have To Pay a Fee To File a Consumer Proposal?
A consumer proposal is a legally binding agreement between you and your creditors to repay a portion of what you owe in exchange for total debt forgiveness. For heavily indebted Canadians, it can be a...
View ArticleCan You Include Your Car Loan in a Consumer Proposal?
It is not uncommon for us to meet with clients who have a car loan, in addition to unsecured debts like credit cards or lines of credit. In 2022, 65% of our clients had a vehicle at the time of their...
View ArticleCan You Cancel a Consumer Proposal?
First, let’s quickly look at what a consumer proposal is. A consumer proposal is an offer you make to your unsecured creditors to settle your debts with an affordable monthly payment and no interest...
View ArticleWhat Happens If Your Finances Change After Filing a Consumer Proposal?
A consumer proposal is a formal arrangement under the Bankruptcy and Insolvency Act to settle debts for less than you owe. Your offer, or payment terms, are based on an assessment by your Licensed...
View ArticleWhy Does The Court Have To Approve A Consumer Proposal?
A consumer proposal is a legal procedure filed under the Bankruptcy and Insolvency Act (BIA) and, as in most cases involving the law, the courts are involved. How involved depends on the situation and...
View ArticleConsumer Proposal Laws in Canada
Filing personal bankruptcy is often the most common debt relief option Canadians know, even though consumer proposals are the more popular option in Canada. To help with your research, here is an...
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