by mdumouchel | Sep 25, 2020 | Bankruptcy, Consumer Proposal
A Consumer Proposal or Personal Bankruptcy Will Clear Up My Credit Report Myth or Fact? Several times a week I get calls from individuals (debtors) who believe that if they go through a consumer proposal or personal bankruptcy their debts will be removed from their...
by mdumouchel | Jul 28, 2020 | Consumer Proposal
How Often Do Consumer Proposals Get Rejected? And What Happens If They Are? Consumer Proposals get accepted in our office “eventually” at a rate of 95% or better. This means a combination of acceptance by creditors votes by the initial vote 45 days from the...
by mdumouchel | Jul 21, 2020 | Consumer Proposal
How Often Do Consumer Proposals Get Accepted? What Happens To Make Them Get Accepted? A consumer proposal offered to creditors has to be approved by a creditors’ vote. A vote needs to achieve a majority in value (more than 50%) of creditors voting in favour of...
by mdumouchel | Jul 21, 2020 | Bankruptcy, Consumer Proposal
Do I Have To Disclose All Debts In A Consumer Proposal Or Bankruptcy? Why It Matters When a consumer proposal or bankruptcy starts there is immediate protection from the collection action of all unsecured creditors against the debtor. To get this protection, certain...
by mdumouchel | Jul 21, 2020 | Consumer Proposal
Can I Make A Consumer Proposal To My Creditors By Myself? No, you can’t. But let’s make sure we are both talking about the same thing. If you ask a Licensed Insolvency Trustee (“LIT”) what a consumer proposal is, the LIT will tell you that it is a specific process...
