My partner and I have $75,000 in debt of all kinds (taxes, GST/QST, workers' compensation, credit cards, line of credit). Is it possible to do two things at the same time: file a consumer proposal and make a voluntary deposit for a $56,000 vehicle and a $28,000 trailer, or is bankruptcy guaranteed? Second question: If we declare bankruptcy, can we keep our house if no payments are overdue but there is no equity available in the house?
If you file a consumer proposal, creditors with liens on your car and trailer are not affected. You then have the option of continuing your regular payments on these assets or surrendering them. The same applies to your house.
In the event of bankruptcy, if your house has no equity and the mortgage lender agrees, you can keep it and continue your regular payments.
In the event of bankruptcy, if your house has no equity and the mortgage lender agrees, you can keep it and continue your regular payments.
Questions reliées
- A few months ago, I bought a new car, financed by the bank. My partner signed the loan agreement, and I was the co-buyer. If I sign a consumer proposal, what impact will it have on the loan? I don't want my partner to be disadvantaged.
- Can I consider the consumer proposal even if I am receiving unemployment insurance benefits (I have the maximum benefits)?
- Can my spouse and I submit a proposal at the same time? We have approximately $115,000 in debt. Can we also include our line of credit and credit facilities in this proposal? My mortgage renewal is due next year: could the financial institution refuse me?
- Does making a consumer proposal impact our job prospects? To work for the government, applicants are required to sign an authorization to check references, criminal record, and credit before being hired.
- For the past few years, the provincial government has been garnishing my wages. After all this time, I'm at my wit's end. However, I'm indebted to friends and family. I also owe Hydro-Québec, Mastercard, and now the federal government is demanding over $4,000, which will result in another wage garnishment. I'm in debt and I couldn't pay my rent this month. Can I include my unpaid rent in my consumer proposal since my landlord has gone to the Régie du logement (Quebec Rental Board) and the next month is coming up and I won't be able to pay it?