Yearly Archives: 2007

Question:¬†Before our marriage ended we owed over $50,000 in credit card debt and on our line of credit. So we did not lose our home we signed a consumer proposal. We have since separated and are still having financial problems. What happens to our joint proposal if one or the… Read more

Question: If you owe money to Canada Revenue Agency (CRA or Revenue Canada), but you don’t fully own your home, what can they take from you? Can they seize your home, car, bank account etc. CRA (Revenue Canada) Tax Liens and Powers of Collection If you owe taxes, CRA (Revenue… Read more

Question: What is the Statute of Limitations act in Ontario for the repayment of an old or bad debt. Limitations Act on Debt in Ontario Technically, the statute of limitations in Ontario for debt collection is two years (Update: The act provides that if the defaulted debt occurred before January… Read more

Question: I am currently in a consumer proposal and looking to get a RRSP loan. Can I qualify for a loan while in a consumer proposal? RRSP Loans and Debt Programs In most cases it is difficult to borrow while you are in the middle of a consumer proposal, debt… Read more

Question: I am moving and need to rent a new apartment in a new city and province. I’ve been in an apartment for 5 and a half years now and I never missed a payment. I applied at several apartments and I’ve been refused every time because of the credit… Read more

Question: Is it possible to renew or refinance a mortgage to the bank while you are in a consumer proposal, debt management plan or even bankruptcy? Would I need a co-signer for refinancing or renewal? Mortgage Renewal and Debt Proposals Since a consumer proposal or debt management plan can last… Read more

Question: I co-signed for my brother on his home but now he is out of a job and can’t pay the mortgage what are my options? Answer: The first option would be to try to help him make the mortgage payments until he gets back to work.¬† As long as… Read more

Question: A secondary collection service collected funds from me for another agency, which I payed off in full, but last month I was going to increase my visa limit and found out that they now have another collection against me which they claim is interest. I never received any letters… Read more

Rebuilding your credit is achievable. It just takes time and commitment. By making sure you make your payments on time and in full each month you can repair your credit score and improve your credit report. How long it takes to repair bad credit depends on what needs to be… Read more

If you filed a consumer proposal and now you have the money to pay it off in full, can anybody come after you for more money? Keep Unknown Windfall After Consumer Proposal If you file a consumer proposal and come unexpectedly into some money, you keep those funds for yourself…. Read more