When you are in debt, the first thing you want to do is get out of it – but knowing exactly how long that will take can be tricky. For those who have built up substantial debts, and are struggling to make minimum repayments,...

Short Answer: Yes, you can easily renew a mortgage while in a consumer proposal! Long Answer: There is a huge distinction between renewing an existing mortgage while in a consumer proposal and refinancing one.

Short Answer No, locked in retirement accounts are considered protected and cannot be seized in a consumer proposal. Longer Answer All retirement funds are protected in a consumer proposal. When you file a consumer proposal, you do not have to give up these assets ....

Short Answer Yes they are! There are no additional fees after you agree to the terms with your creditors. Longer Answer A Licensed Insolvency Trustee works with you and your creditors to reach a mutually agreed upon payment plan (like a referee) that sees the...

Short Answer If you have a shortfall on a vehicle, then yes, this can be included. (If your vehicle has been repossessed or you wish to surrender it.) However if you are up to date and remain in good standing on your vehicle payments, and...

Short Answer In Alberta, a consumer proposal stays on your credit report for three years after the final payment is made. Longer Answer One of the biggest reasons consumer proposals are an attractive option to debtors in Alberta is that they can disappear off of...

Short AnswerA lender can issue a loan any time, at their own discretion, however, in Alberta, a consumer proposal stays on your credit report for 3 years after the proposal is completed, and in general lenders will not issue a mortgage to someone until they...

Short Answer No, a consumer proposal is not the same as a personal bankruptcy in Alberta, as each have different rules, methods and guidelines as set out by the federally-appointed Office of the Superintendent of Bankruptcy. A consumer proposal can be a faster, easier and...

In Alberta, a consumer proposal actively works to pay back your creditors at zero interest. A debt consolidation loan or service merely shifts all of your debts into one loan payment, with interest. Remember, you can not borrow your way out of debt, you must...

Short Answer Generally during the process you can apply for a secured credit card, and will work your way back to an unsecured card after the proposal. Some creditors will give you a card shortly after you complete the proposal. Longer Answer The ability to...