Can I Sell my House to Pay Off a Consumer Proposal in Canada?



Consumer Proposals

Do you own a home that has some equity but not enough equity to be able to refinance and pay off your unsecured debts such as credit cards and/or lines of credit? If so, then a consumer proposal is a good way for you to deal with your debts and avoid filing for bankruptcy. A consumer proposal in Canada allows you to keep your home and equity and make a deal with your creditors to…


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Can You Pay Off a Consumer Proposal Early?



Consumer Proposals

You have made the decision to file a consumer proposal.  Your immediate concerns are stopping the harassing phone calls and then waiting with your fingers crossed to find out if your creditors have accepted your proposal.  The last thing on your mind is whether or not you can pay off a consumer proposal early. Once you file your proposal you will feel relief knowing that your creditors will stop calling and you no longer have…


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Are Consumer Proposals Often Rejected?



Consumer Proposals

What are the chances your consumer proposal will be accepted or are consumer proposals often rejected?   If you are considering filing a consumer proposal you are going to want to know what the chances are of your proposal being accepted by your creditors. Once you file your proposal your creditors have an opportunity to vote on whether to accept or reject your proposal, we refer to this as the “voting period”.  Here are some of…


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Does a Consumer Proposal stop a Wage Garnishment ?



Consumer Proposals

You have just been told by your payroll department that they have received a garnishment order and they will be taking money from your next paycheque.   You can’t possibly survive if they take some of your pay. What should you do?  Does a consumer proposal stop a wage garnishment? If the garnishment is for any debt other than child support then a consumer proposal will stop a wage garnishment.  You will need to act quickly…


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Do they Close your Bank Account in a Consumer Proposal ?



Consumer Proposals

If you are thinking about filing a consumer proposal you might have some questions about your bank account.  We are often asked by our clients if they are allowed to have a bank account or do they close your bank account in a consumer proposal? You are allowed to keep a bank account if you file a consumer proposal, but in most situations we urge you to open a new bank account before filing your…


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Can I Keep my Car if I File a Consumer Proposal?



Consumer Proposals

If you rely on your car to get to work or get your kids to and from school or daycare then the thought of losing your car is going to cause you a lot of anxiety If you have a car you fall into one of three categories; either you own it outright (no loans), lease it or finance it. If you own your car outright then there is no problem keeping your car if…


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Consumer Proposal Insurance – Is It Worth the Cost?



Consumer Proposals

I received a phone call a few days ago from a person that wanted to tell me about a new insurance product that is now available to people that are in a consumer proposal.  This consumer proposal insurance protection is designed to make your proposal payments for you if you become unemployed or critically ill or disabled. I have read over the literature that he sent me but I am not convinced that this product…


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How is a Proposal Better than a National Debt Relief Program?



Consumer Proposals

I was listening to the radio this morning and I heard a commercial for a National Debt Relief Program available to people that owed more than $10,000 to their creditors. The first thing that I asked myself is why do you have to owe at least $10,000 in order to qualify?  The second thing I asked myself was is this a government sponsored program? So I did some searching on the internet and just as…


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Can a Debt Consultant Protect you from your Creditors?



Consumer Proposals

No.  A debt consultant cannot offer you legal protection from your creditors.  You are only protected legally from your creditors if you file a bankruptcy or proposal.  Bankruptcies and consumer proposals can only be filed through a licensed trustee, not a debt consultant.  Once you file a bankruptcy or proposal a “stay of proceedings” is immediately in place which stops your creditors from pursuing you for collection. Over the years I have heard many horror…


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