Consumer Proposal

Old Debts

Old Debts You just got a letter/phone call about an old debt that you owe. The first consideration is to determine if you owe the money.   If you do not owe the debt, simply tell the collection company that you do not owe the money. Ask them to send you copies of any documentation that […]

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Consumer Proposal: Interest Relief

Consumer Proposal: Interest Relief When you file a Consumer Proposal, there is a stay on all legal proceedings that your creditors can take against you. Interest on all debts stop as of the day the court accepts the Consumer Proposal and confirms the appointment of your Licensed Insolvency Trustee who acts as the Administrator of […]

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Surplus Income and Bankruptcy Discharge

Surplus Income and Bankruptcy Discharge When you file an Assignment in Bankruptcy, you are allowed to keep sufficient of your income to allow you to live a normal life. The trouble is that the definition of a “normal life” is based on a cross-Canada average that is calculated annually by the Office of Superintendent in Bankruptcy. […]

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Will I lose my RESP if I file a Consumer Proposal?

Will I lose my RESP if I file a Consumer Proposal? No, you will not lose an RESP in a Consumer Proposal. In a Consumer Proposal, you are making an offer to your creditors to settle your debt to them based on the terms of your offer. The terms of your offer is usually that you […]

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