Posts tagged consumer proposal Dartmouth
Advantages of Filing a Consumer Proposal vs. a Bankruptcy
How Will A Consumer Proposal or Bankruptcy Affect My Credit Rating?

The proposal stays on your credit file for 3 years from the date of completion. A first bankruptcy will stay on your credit report for a period of 6-7 years (depending on Province) from the date of discharge. A second bankruptcy will be reflected on the debtor’s credit report for a period of 14 years from the date of discharge.

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What Happens if I Default on My Consumer Proposal

Consumer proposals are administered by Licensed Insolvency Trustees (LIT) and typically allow the debtor to pay back all, or a portion of their unsecured debts, with one monthly payment, spread out over a reasonable period of time.  Proposals can also deal with debts by way of lump sum payments.

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October 2015 Personal Bankruptcy & Consumer Proposal Statistics

New Brunswick - there were 2,884 personal bankruptcies and 1,488 consumer proposals filed in the 12-months ended October 31, 2015.  Personal Bankruptcies were down 2.4% and consumer proposal filings were up 18% as compared to the 12-months ended October 31, 2014.

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