A common concern I hear from individuals contemplating filing for bankruptcy or a consumer proposal is, "Can I keep my car"? In most cases, yes. Watch my latest video to learn more.
An important step in the consumer proposal process is creditor acceptance of the proposal. Learn how and when a consumer proposal is accepted by the creditors.
A consumer proposal is one of several options available to consumers looking for help with their debt. Learn about the initial steps in filing a consumer proposal, including where to go for advice and help with the consumer proposal process.
Despite the many benefits of filing a Consumer Proposal, it will have an impact on your credit score. In this video I discuss how long information related to a Consumer Proposal will stay on your credit report.
In this video I explain how costs are paid in a consumer proposal. Ultimately, the amount you pay under the consumer proposal is the amount you've negotiated with your creditors and all administration costs are paid from this amount. There are no extra costs and no up front fees.
A consumer proposal must be filed through a Licensed Insolvency Trustee (LIT). In this video I explain the LIT's role in a consumer proposal.
Have ever you wondered what is a Licensed Insolvency Trustee? Or, perhaps you've never heard the term. In this video I explain how a Licensed Insolvency Trustee can help individuals, families and small business owners deal with debt problems.
Lana Gilbertson, Licensed Insolvency Trustee with MNP Debt in Vancouver, BC, explains the difference between a Consumer Proposal vs. a Debt Management Plan. Both processes are designed to get you out of debt and both processes will negatively affect your credit rating. However, there are some significant differences to be aware of and Lana explains the differences.
Lana Gilbertson, Licensed Insolvency Trustee with MNP Debt in Vancouver, discusses why an individual should file a consumer proposal versus a bankruptcy, when a consumer proposal is a viable option.
In this video, Lana highlights three reasons why a consumer proposal should be filed instead of bankruptcy. First, if a consumer proposal is a viable option and the debtor files for bankruptcy, the bankruptcy trustee must report this fact to the creditors who may then request an extension of the bankruptcy. Second, a consumer proposal provides certainty while bankruptcy does not. For example, if you come into money or property or have an increase in income after a consumer proposal is filed, the proposal terms do not change. By contrast, if you come into money or property or have an increase in income during bankruptcy, more money is paid to the bankruptcy estate. Last, bankruptcy should be a last resort. If you a consumer proposal is a viable option, why would you want to go bankrupt?
Is there a "right time" to file a Consumer Proposal? It is important to take your time considering your options and whether a Consumer Proposal is the right solution for you. However, once the decision has been made it is important to move forward and embark on your journey to become debt free.
BC Bankruptcy & Consumer Proposal Videos