Paying every bill on time is a good start so you don't have any more hits on your credit. But banks are much more anxious to get you back borrowing than they used to be. You may even receive credit card offers in the mail while you are still in bankruptcy. Many of my clients have purchased homes within 2 years of filing Iowa bankruptcy. My advice though is just to use your checking account debit card for internet purchases and travel and avoid getting back into the credit card trap.

The credit bureaus will normally keep a record of the consumer proposal for a period of 7 years and will list you as an R9 during the proposal. Once the proposal has been completed the credit bureaus will list you as an R7 for the remainder of the 7 year period. Bear in mind if you do not pay your debts you may end up at R9, and remain there for longer than 7 years. See similar questions...

Even when you file a Consumer Proposal or declare bankruptcy, you will still owe money on certain debts pursuant to Section 178 of the BIA. These include student loans that are less than ten years old; alimony, child, or spousal support; certain court fines or penalties; and debts you incurred due to fraudulent misrepresentation. See similar questions...

Bankruptcy is a blemish on your credit report. Its affect, however, may be mitigated by showing a positive payment history on credit accounts after filing the Bankruptcy. This may be done in one of two ways. First, continue to make timely payments on secured assets, such as your home or your car. This will demonstrate your ability to make responsible payments to your creditors. Second, apply for a secured credit card. See similar questions...

There is an alternative to bankruptcy: the individual can attempt to reach a deal with the creditors, offering to pay a percentage of what is owed. A proposal is made to the creditors through a trustee. The filing of a proposal stops all legal actions by unsecured creditors. This gives the debtors some breathing room so that they can explain their financial situation to creditors and seek their support. See similar questions...

The proposal or bankruptcy may be included in the individual's personal credit rating and may be retained on file at the credit bureau for a number of years. A summary administration is a bankruptcy filing where the assets in the bankruptcy are expected to realize less than $10,000 excluding secured or exempt assets. See similar questions...

A Consumer Proposal is a streamlined proposal process that is available to debtors whose total debts do not exceed $75,000 (excluding the mortgage on their personal residence). This type of proposal does not require a creditors' meeting, unless requested by the creditors, and there is no automatic bankruptcy if the creditors turn down the proposal. Ordinary Proposal applies to debtors who owe more than $75,000. See similar questions...

To decide which option is right for you, you should start by meeting with a F.J. Zielski & Associates Inc. advisor for a free, no obligation, and private consultation. During this meeting, we can discuss your personal situation and explain your options, so you can make an informed decision. If you have stable income sufficient to make payments over a period of time, and would like to avoid bankruptcy then a Consumer Proposal may be the solution for you. See similar questions...

No. The biggest advantage of a Consumer Proposal is that you get to keep all of your assets, none of them form part of the restructuring like in a bankruptcy. See similar questions...

Reconsider other options for solving your money trouble, or file bankruptcy. Note that even if the Proposal is rejected, you will not be automatically bankrupt. See similar questions...

Yes, the state security freeze laws include some necessary exemptions to the freeze. Security freezes do not apply to any person or entity with whom the consumer has an existing account, nor to a limited number of other parties who may access the files for purposes not related to new accounts, such as law enforcement agencies and certain governmental agencies that need them for investigations and other statutory responsibilities. See similar questions...

To go into bankruptcy, individuals must be at least $1,000 in debt and unable to meet their obligations as they fall due. The individual can "make an assignment in bankruptcy" (voluntarily file for bankruptcy) or, less commonly, be petitioned into bankruptcy (when the unsecured creditors seek a court order to have him/her declared bankrupt). See similar questions...

you would not be able to pay all of your debts if all of the assets you are not allowed to keep are sold. Your company, partnership, or business may also file bankruptcy or make a proposal if it meets the above requirements. There are special steps to be followed by someone who is bankrupt and wants to file a proposal. It is worthwhile discussing these steps with the Trustee involved in the bankruptcy. See similar questions...

Surprisingly to most folks -- YES. This is up to each particular credit grantor. In my experience, it is possible to get credit if the credit grantor believes and understands your reasons for filing the bankruptcy. Also, creditors realize that after you receive a discharge in bankruptcy, you are virtually debt free with the same income and with the same assets as before you filed bankruptcy. See similar questions...

Credit score is one of many criteria used to make a credit decision. Utilizing a "scorecard" approval method, which encompasses several criteria ranges, gives patients of varying credit scores the opportunity to become approved for the program. There is no "bottom" credit score to determine in a patient will be approved. Truly the only way to know if a patient will be approved is to have them apply. See similar questions...

That is where the experience or your administrator and your financial situation comes into play. Your proposal Administrator will work with you to develop the best proposal in your exact circumstance. See similar questions...

Consumer Proposals will not cancel the liability of anyone who has guaranteed or co-signed any loans. These guarantors will still be responsible for the debts less any payments the creditor receives from the Consumer Proposal. See similar questions...

In a Chapter 7 bankruptcy filing, you file several forms with the bankruptcy court that list income, expenses, assets, debts and property transactions for the past two years. The cost to file is $200, which may be waived for people who receive public assistance or live below the poverty level. A court-appointed trustee is assigned to oversee the case. A month after filing, you must attend a meeting of creditors where the trustee reviews your forms and asks questions. See similar questions...