Posts Tagged ‘Consumer Proposals’
March 2019 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 3.9% and consumer proposal filings were up 12.9% as compared to the 12-months ended March 31, 2018. New Brunswick – Personal bankruptcies were up 8.5% and consumer proposal filings were down 1.0% as compared to the 12-months ended March 31, 2018.
Read MoreFebruary 2019 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 5.7% and consumer proposal filings were up 14.3% as compared to the 12-months ended February 28, 2018. New Brunswick – Personal bankruptcies were up 22.8% and consumer proposal filings were up 23.5% as compared to the 12-months ended February 28, 2018.
Read MoreJanuary 2019 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 4.5% and consumer proposal filings were up 9.4% as compared to the 12-months ended January 31, 2018. New Brunswick – Personal bankruptcies were down 6.7% and consumer proposal filings were up 18.9% as compared to the 12-months ended January 31, 2018.
Read More3 Questions Every Creditor Will Ask Themselves
If one or more of these scenarios apply, you may need to offer your creditors more than normal in order to convince them to say “yes”.
Read MoreA Gentler Method: Why a Negotiated Consumer Proposal Can Be A More Fair and Reasonable Debt Solution
If you have debt problems you also have options. A Consumer Proposal can be a much better and more manageable solution than bankruptcy to resolve your debts.
Read MoreWhat Is a Consumer Proposal?
Most consumer proposals are structured as monthly payments overtime at less than the full payout.
Read MoreWhy People Delay Getting Help With Their Debt
The longer an individual waits to get help with their finances, the harder it is to help as the number of options is greatly reduced. By the time most consumers come to us the only choices left are to file personal bankruptcy or consumer proposal. If you are starting to struggle financially reach out for professional assistance before things get beyond your control.
Read MoreYour Credit Report After a Bankruptcy or Consumer Proposal
Debts included in a bankruptcy should be rated as R-9 or I-9, indicating written-off, and the outstanding balance should be reported as zero. There should also be a note indicating “included in bankruptcy” below the trade line for the corresponding creditor. Debts included in a consumer proposal should be rated as R-7 or I-7 and the outstanding balance should also be reported as zero.
Read MoreWhat Happens if I Default on My Consumer Proposal
If a debtor is 3 months in arrears of monthly consumer proposal payments the consumer proposal is deemed annulled, which means that creditors can resume collection actions. There is no automatic bankruptcy if a debtor defaults on a consumer proposal.
that fails to make more than 2 payments cumulative during the Proposal will have their Proposal annulled and creditors can resume collecting their balances plus interest less any payments made. While a default on a Consumer Proposal will not automatically result in a Bankruptcy, however, the debtor cannot file another Proposal.
Read MoreStruggling With Debt Tackle Your Finances Head On
Hiding from the reality of your financial situation will do nothing to improve it. People have a pre-disposition to hide from the truth, particularly when the truth is ugly. Unfortunately, we see this every day.
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