Posts tagged debt repayment
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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December 2014 Personal Bankruptcy & Consumer Proposal Statistics

Personal bankruptcies were down 6.3% and consumer proposal filings were up 7.6% as compared to the 12-months ended December 31, 2013.

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Will My Separation Agreement Protect Me If My Ex Goes Bankrupt?

When a relationship ends it is not uncommon to have a formal separation agreement drawn up by a lawyer to spell out the responsibilities of each party.  Even though both parties may have agreed to assume responsibility for certain debts, it does not absolve the parties should one of them default on credit that was granted jointly such as joint credit cards or lines of credit.  

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Is Bankruptcy My Only Option?

Bankruptcy is not the only option available to resolve the overwhelming debt.  Your trustee can also put together a settlement proposal to your creditors whereby you pay a portion of what is owed and the creditors agree to write off the remaining balance.  This process is known as a consumer proposal and it provides you with the same legal protection as a bankruptcy.

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