PPR 2 - Consumer Proposal & Bankruptcy

Dealing With Debt – Understanding the Two Types of Proposals

June 21, 2016

Division 1 Proposal Is when a consumer debtor owes more than $250,000 in debts, excluding the mortgage on their principal residence. If creditors don’t accept this proposal there is a deemed personal bankruptcy.

A consumer proposal is when a consumer debtor owes less than $250,000 in debts, excluding the mortgage on their principal residence. There is no deemed personal bankruptcy if the creditors reject the consumer proposal.

The Real Cost of Vehicle Ownership

May 4, 2016

Think about the cost of ownership before you buy and then think about the cost of use and think ahead to consolidate trips, skip the trip, or car pool with friends and co-workers. The cost of vehicle ownership also needs to be considered when you choose where you live. While the cost of housing may be cheaper here in rural New Brunswick, the cost of the travel can offset the housing cost savings.

Can Creditors Collect Debts After Bankruptcy?

March 24, 2015

When you receive a discharge after completing your bankruptcy, it releases you from the debts you owed before your date of bankruptcy. Once you file personal bankruptcy, your creditors cannot legally collect on those debts.

I Received a Mortgage Sale Notice – What Can I do?

January 27, 2015

When you fall behind on mortgage payments your bank has the right to take control of your house and sell it. The mortgage company or bank must follow a formal legal process called a mortgage sale or foreclosure.

How to Correct Errors on Your Credit Report

December 23, 2014

Maintaining a good credit score is vital, as it directly impacts your ability to borrow money or finance purchases. It also affects things such as the cost of insurance and specific employment opportunities. For these and many other reasons, it is essential to identify and correct any errors on your credit report as soon as possible.

Good Debt vs. Bad Debt

October 7, 2014

Good debt is for purchases that appreciate in value or significantly improve your quality of life. Bad debts on the other hand typically do not provide you with any long-term benefit. If you carry a heavy amount of bad debt and are only able to make minimum payments then it’s time to look for help.