Consumer Proposal

I’ve heard about a debt consolidation solution that only a Licensed Insolvency Trustee can help me file called a Consumer Proposal. How do I go about doing that?

Like many people, you’ve been doing research on the Internet or perhaps asking family and friends for advice.  You’ve decided that a consumer proposal might be the best way to deal with your debt stress and get you back on your feet financially. Good for you! The decision to take action and deal with excessive debt is …

I’ve heard about a debt consolidation solution that only a Licensed Insolvency Trustee can help me file called a Consumer Proposal. How do I go about doing that? Read More »

What will happen to my business if I file a consumer proposal?

In past columns, we’ve discussed several cases where consumer proposals are a practical way to offer a fair settlement to creditors. If you are a business owner, you may be wondering what will happen to your business if you decide to file a consumer proposal. Will you lose your business? In the vast majority of …

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What happens to my vehicle in a consumer proposal or bankruptcy?

If you’re considering the possibility of filing a consumer proposal or declaring bankruptcy, you should be aware that assets such as vehicles are handled very differently in those two procedures. In a consumer proposal, if you own the vehicle free and clear, you simply keep it. If you still owe money on the vehicle, you …

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I am filing for Consumer Proposal Or Bankruptcy, Will My Employer Find Out?

If you’re facing the possibility of filing for Consumer proposal or Bankruptcy, you may be concerned about privacy issues, particularly with regard to having your employer find out about your bankruptcy. While it’s true that bankruptcy and consumer proposal records are public, however (meaning they can be accessed by anyone who is interested in them), your trustee won’t …

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Bankruptcy and Consumer Proposal for High Income Earners

Bankruptcy and Consumer Proposals for High Income Earners Contrary to what you might think, financial difficulties are not limited to low or middle income earners. In fact, many professionals with high incomes find themselves in financial hot water because their high incomes blind them to the need to save. Just as anyone else living from …

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How will my bankruptcy or consumer proposal affect my children’s bank accounts?

If you’re facing either bankruptcy or a consumer proposal, you may be concerned about what will happen to savings set aside for your children either by you or someone else. In the case of a proposal, the answer will most likely be ‘nothing’. As with most assets in a proposal, you you’ll still need to …

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Income Tax Debt in a Bankruptcy or Consumer Proposal

It’s not uncommon for people in financial difficulty to owe taxes to Canada Revenue Agency (CRA)—sometimes a significant amount of taxes. Many of these people are under the impression that nothing can be done about it, because tax debt is different from other debt and the CRA has special powers. This is only partly true. …

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Student loans, bankruptcy, and consumer proposals

When you declare bankruptcy or file a consumer proposal, most—but not all—of your debts are discharged at the end of your bankruptcy/consumer proposal term. This means your debts are forgiven (in bankruptcy) or considered paid in full (in a consumer proposal), and you’re no longer liable for them. Your student loans, however, may be among …

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