Your Trustee is required to oppose your discharge if you do not complete specific duties or tasks: complete both mandatory counselling sessions, report you monthly income to the Trustee, sessions, make all agreed upon payments, including voluntary, surplus income, and equity payments. These are only some of the duties that you must complete.
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Advantages of Filing a Consumer Proposal vs. a Bankruptcy
A consumer proposal can be creative and involve the sale, over time, of assets and payment of all or a portion of the equity in those assets to your creditors. This would allow you to settle your debts through a lump-sum payment instead of having to make monthly payments.
How Will A Consumer Proposal or Bankruptcy Affect My Credit Rating?
The proposal stays on your credit file for 3 years from the date of completion. A first bankruptcy will stay on your credit report for a period of 6-7 years (depending on which Province you live in) from the date of discharge. A second bankruptcy will be reflected on the debtor’s credit report for a period of 14 years from the date of discharge.
Announcement – New Designation for Insolvency Professionals
The Office of the Superintendent of Bankruptcy Canada released Directive 33, Trustee Designation and Advertising, updating the designation to be used by Licensed Trustees with regards to the advertisement, promotion, and communications related to their services. All trustees will now adopt the professional designation “Licensed Insolvency Trustee”.
October 2015 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 2.7% and consumer proposal filings were up 8.8% as compared to the 12-months ended October 31, 2014.
New Brunswick – Personal bankruptcies were down 2.4% and consumer proposal filings were up 18% as compared to the 12-months ended October 31, 2014.