I made a proposal to my creditors, but I kept my car and the payments, of course. However, I'm still having trouble making my payments on time. I manage, but I often fall behind because the proposal calculation doesn't account for unforeseen circumstances. I'd like to avoid bankruptcy, so here's my question: Is it possible in my situation to return my car to the dealership, where the monthly payments are $700, while still maintaining the rest of my proposal agreement with my other creditors? If so, will the trustee ask me for more money?
It depends on the terms of your proposal. It might also be possible to amend your proposal to take into account your current difficulties. Discuss this with your building manager.
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?