Posts tagged consumer proposal nb
2017 Surplus Income Standards

When an individual files for personal bankruptcy the trustee will calculate whether or not he will be required to make surplus income payments based on his net household income.

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December 2016 Personal Bankruptcy & Consumer Proposal Statistics

Bankruptcies were down 0.1% and consumer proposal filings were up 7.4% as compared to the 12-months ended December 31, 2015. Provincial breakdown...

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November 2016 Personal Bankruptcy & Consumer Proposal Statistics

Personal Bankruptcies were up 1% and consumer proposal filings were up 8.4% as compared to the 12-months ended November 30 2015. Provincial breakdown...

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July 2016 Personal Bankruptcy & Consumer Proposal Statistics

New Brunswick - there were 2,843 personal bankruptcies and 1,455 consumer proposals filed in the 12-months ended July 31, 2016.  Personal bankruptcies were down 4% and consumer proposal filings were up 1.2% as compared to the 12-months ended July 31, 2015.

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What Is The New Brunswick Personal Property Security Act (PPSA)?

PPSA legislation provides a central registry for filing notices of security interests in personal property.  allows both individuals and institutions to record their financial interest in personal property (cars, boats, appliances, etc.).

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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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