Can I Be A Director, Executor or Be Bonded If I File A Consumer Proposal?
Consumer proposals carry many potential advantages over bankruptcy, not the least of which is the ability to hold positions of trust while dealing with your debts. In Canada, a bankrupt cannot be a...
View ArticleAvoid The Surplus Income Penalty With A Consumer Proposal
In a bankruptcy the amount of money you are required to pay is based on your income. Under the surplus income guidelines, the government of Canada has set net monthly income thresholds for a person or...
View ArticleHow Voting on a Consumer Proposal Works
If you’re struggling to repay debts, you can ask creditors to reduce the amount you have to repay on your debt by offering a consumer proposal. A consumer proposal is a legally binding deal between...
View ArticleCan I Still Be a Mortgage Broker or a Mortgage Agent if I File for Bankruptcy...
If you are a mortgage broker or mortgage agent in Ontario, you will not necessarily lose your license if you need to file for bankruptcy. Your bankruptcy filing also does not necessarily prevent you...
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Consumer Proposal Vs. Division I Proposal to Creditors
A proposal to creditors is a deal you negotiate with your creditors to repay a portion of what you owe. In legal terms, a proposal is an arrangement to settle your debts for less than their full...
View ArticleHow Is Cosigned Debt Treated in a Consumer Proposal?
A common concern is how cosigned debts are treated when one person files a consumer proposal. When someone files a consumer proposal, they make a deal with their unsecured creditors to repay a...
View ArticleCan Bankruptcy Stop a Tenant Eviction for Rent Arrears?
A bankruptcy or consumer proposal provides an automatic stay of proceeding that can stop an eviction order from your landlord for rent arrears. Unpaid rent, up to the date of filing, is included as a...
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What Happens at the Meeting of Creditors During My Proposal?
When talking with clients, I often get asked, “Do I have to meet with my creditors?”; coupled with a look of stress or fear. In most cases the answer is no, but the possibility is always there. Let me...
View ArticleWill I Lose My Insurance Agent License if I File Bankruptcy in Ontario?
Filing for personal bankruptcy as a life insurance agent in Ontario does not necessarily mean your license with the Financial Services Commission of Ontario (FSCO) will be terminated, nor does it mean...
View ArticleOptions to Pay Off Your Consumer Proposal Early
A consumer proposal is a stable debt repayment program because the payments are locked in for the length of the proposal. Creditors cannot change the terms once they agree to your plan. However, as the...
View ArticleWhat Happens If My Creditors Reject My Consumer Proposal?
Consumer proposals are rarely rejected; however, if your creditors do reject your consumer proposal, all hope is not lost. When you file a consumer proposal, your creditors have 45 days to submit votes...
View ArticleHow to Ensure CRA Will Accept Your Consumer Proposal
Will Canada Revenue Agency (CRA, formerly Revenue Canada) accept a consumer proposal? Yes, they will, but only if certain conditions are met. Today I’ll explain the most important “tricks” or tests...
View ArticleFiling Bankruptcy or Consumer Proposal as an Insurance Broker in Ontario
If you are an insolvent insurance broker in Ontario, a personal bankruptcy or consumer proposal filing will not necessarily have a negative impact on your registration with the Registered Insurance...
View ArticleYou Can Now File a Consumer Proposal and Bankruptcy Online in Canada
Bankruptcy in Canada is very regulated. Bankruptcy law is governed by federal legislation known as the Bankruptcy & Insolvency Act. All Licensed Insolvency Trustees are registered and monitored by...
View Article25 Things You Must Know About a Consumer Proposal
We’re finding that we meet with more people every day who have heard of consumer proposals, and are interested in them as an alternative to bankruptcy, but it seems many are not completely sure about...
View ArticleHow to Remove a Real Estate Writ after a Bankruptcy or Consumer Proposal
When a homeowner files bankruptcy or a consumer proposal, their unsecured debts are eliminated by their discharge from bankruptcy or upon the full completion of their proposal. This matter can be...
View ArticleWhat Does a Certificate of Full Performance of Proposal Mean?
Once you have filed your consumer proposal and it has been (deemed) accepted by your creditors and (deemed) approved by the court, there are really only two requirements left to meet: attend two...
View ArticleHow Voting on a Consumer Proposal Works
If you’re struggling to repay debts, you can ask creditors to reduce the amount you have to repay on your debt by offering a consumer proposal. A consumer proposal is a legally binding deal between...
View ArticleClik here to view.
Consumer Proposal Vs. Division I Proposal to Creditors
A proposal to creditors is a deal you negotiate with your creditors to repay a portion of what you owe. In legal terms, a proposal is an arrangement to settle your debts for less than their full...
View ArticleHow Is Cosigned Debt Treated in a Consumer Proposal?
A common concern is how cosigned debts are treated when one person files a consumer proposal. When someone files a consumer proposal, they make a deal with their unsecured creditors to repay a...
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