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Frequently Asked Questions

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Campbell, Saunders Ltd. provides help in creating a financial plan for you to deal with insolvency, debt payments, and bankruptcy. We have a team of experienced professionals that have answers to all your questions regarding consumer proposals, proposal to creditors, and how to manage finance during bankruptcy. On this page, you will find answers to some of the frequently asked questions. Contact us for more information.

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Consumer Proposals – FAQ

  • How Do I Know If I Qualify for a Consumer Proposal?
    If your debt is at least $1,000, but less than $250,000 (excluding your mortgage) and you haven’t filed another consumer proposal recently (or a Division I Proposal/Notice of Intention) you should qualify. If your debt is more than $250,000 you may consider filing a Division I proposal.
  • What Do I Need to Do to File?
    Step 1: Contact us to discuss your options. Step 2: Prepare your financial documents for us to review so we can prepare the paperwork. Step 3: Meet with one of our Trustees to review your situation and decide what your best option is. Step 4: Sign the proposal documents and ask your Trustee to file them with the Federal Government.
  • How Long Does It Take?
    Not more than 60 months. A proposal can be a lump sum, payments over a period of time, or a combination of the two. We always make sure your proposal contains a term that you can pay it off early if your circumstances change for the better.
  • What Happens If I Can’t Make My Payments?
    If you miss more than three monthly payments your proposal will be in default. If you can’t make a payment you should contact us immediately to make arrangements to avoid the proposal going into default. Default means that the stay of proceedings is lifted and your creditors can start collection actions against you again.
  • Can I Keep My Home? What about My Car?
    You get to keep all your assets in a consumer proposal if you wish, but if you want to keep secured assets you will need to keep making those payments. Some people may choose to return leased assets they can’t afford at the time of filing so that those debts can be included in their proposal.
  • What Happens to My Spouse If I File a Consumer Proposal?
    Your spouse will not be affected by you filing a consumer proposal if they are not co-signers or guarantors of your debt. If they are, it may be appropriate to file a joint proposal that can include both of your unsecured debts.
  • What Does a Consumer Proposal Cost?
    The Trustee’s fees come from the money you pay into the proposal, no additional costs are required. Trustee fees in consumer proposals are set by the government and are the same no matter which Trustee you decide to use. We will work with you to arrange a proposal payment plan that is fair and within your budget.
  • What Happens If My Creditors Don’t Accept My Consumer Proposal?
    You are in no worse position than you were before filing. You are not bankrupt, but have the option of filing for bankruptcy if you think that is the best option for you at that time.
  • What Happens to My Credit Rating?
    Filing a proposal will give you a credit rating of R7, which is not as bad as a bankruptcy, which is an R9. The R7 rating is removed three years after you complete your proposal.
  • Can I Keep My Credit Cards?
    The Trustee will keep any credit cards that are part of your proposal. If you have a credit card with no balance that is not part of your proposal you may keep it.
  • How Do I Rebuild My Credit?
    As part of the proposal process, you are required to attend two counselling sessions, the second is focused on helping you plan your financial future and will explain how you can re-establish credit.

The Legal Stuff

consumer faq
  • How Do I Know If I Qualify for a Consumer Proposal?
    If your debt is at least $1,000, but less than $250,000 (excluding your mortgage) and you haven’t filed another consumer proposal recently (or a Division I Proposal/Notice of Intention) you should qualify. If your debt is more than $250,000 you may consider filing a Division I proposal.
  • What Do I Need to Do to File?
    Step 1: Contact us to discuss your options. Step 2: Prepare your financial documents for us to review so we can prepare the paperwork. Step 3: Meet with one of our Trustees to review your situation and decide what your best option is. Step 4: Sign the proposal documents and ask your Trustee to file them with the Federal Government.
  • How Long Does It Take?
    Not more than 60 months. A proposal can be a lump sum, payments over a period of time, or a combination of the two. We always make sure your proposal contains a term that you can pay it off early if your circumstances change for the better.
  • What Happens If I Can’t Make My Payments?
    If you miss more than three monthly payments your proposal will be in default. If you can’t make a payment you should contact us immediately to make arrangements to avoid the proposal going into default. Default means that the stay of proceedings is lifted and your creditors can start collection actions against you again.
  • Can I Keep My Home? What about My Car?
    You get to keep all your assets in a consumer proposal if you wish, but if you want to keep secured assets you will need to keep making those payments. Some people may choose to return leased assets they can’t afford at the time of filing so that those debts can be included in their proposal.
  • What Happens to My Spouse If I File a Consumer Proposal?
    Your spouse will not be affected by you filing a consumer proposal if they are not co-signers or guarantors of your debt. If they are, it may be appropriate to file a joint proposal that can include both of your unsecured debts.
  • What Does a Consumer Proposal Cost?
    The Trustee’s fees come from the money you pay into the proposal, no additional costs are required. Trustee fees in consumer proposals are set by the government and are the same no matter which Trustee you decide to use. We will work with you to arrange a proposal payment plan that is fair and within your budget.
  • What Happens If My Creditors Don’t Accept My Consumer Proposal?
    You are in no worse position than you were before filing. You are not bankrupt, but have the option of filing for bankruptcy if you think that is the best option for you at that time.
  • What Happens to My Credit Rating?
    Filing a proposal will give you a credit rating of R7, which is not as bad as a bankruptcy, which is an R9. The R7 rating is removed three years after you complete your proposal.
  • Can I Keep My Credit Cards?
    The Trustee will keep any credit cards that are part of your proposal. If you have a credit card with no balance that is not part of your proposal you may keep it.
  • How Do I Rebuild My Credit?
    As part of the proposal process, you are required to attend two counselling sessions, the second is focused on helping you plan your financial future and will explain how you can re-establish credit.
creditors faq

Proposal to Creditors – FAQ

  • How Do I Know If I Qualify for a Consumer Proposal?
    If your debt is at least $1,000, but less than $250,000 (excluding your mortgage) and you haven’t filed another consumer proposal recently (or a Division I Proposal/Notice of Intention) you should qualify. If your debt is more than $250,000 you may consider filing a Division I proposal.
  • What Do I Need to Do to File?
    Step 1: Contact us to discuss your options. Step 2: Prepare your financial documents for us to review so we can prepare the paperwork. Step 3: Meet with one of our Trustees to review your situation and decide what your best option is. Step 4: Sign the proposal documents and ask your Trustee to file them with the Federal Government.
  • How Long Does It Take?
    Not more than 60 months. A proposal can be a lump sum, payments over a period of time, or a combination of the two. We always make sure your proposal contains a term that you can pay it off early if your circumstances change for the better.
  • What Happens If I Can’t Make My Payments?
    If you miss more than three monthly payments your proposal will be in default. If you can’t make a payment you should contact us immediately to make arrangements to avoid the proposal going into default. Default means that the stay of proceedings is lifted and your creditors can start collection actions against you again.
  • Can I Keep My Home? What about My Car?
    You get to keep all your assets in a consumer proposal if you wish, but if you want to keep secured assets you will need to keep making those payments. Some people may choose to return leased assets they can’t afford at the time of filing so that those debts can be included in their proposal.
  • What Happens to My Spouse If I File a Consumer Proposal?
    Your spouse will not be affected by you filing a consumer proposal if they are not co-signers or guarantors of your debt. If they are, it may be appropriate to file a joint proposal that can include both of your unsecured debts.
  • What Does a Consumer Proposal Cost?
    The Trustee’s fees come from the money you pay into the proposal, no additional costs are required. Trustee fees in consumer proposals are set by the government and are the same no matter which Trustee you decide to use. We will work with you to arrange a proposal payment plan that is fair and within your budget.
  • What Happens If My Creditors Don’t Accept My Consumer Proposal?
    You are in no worse position than you were before filing. You are not bankrupt, but have the option of filing for bankruptcy if you think that is the best option for you at that time.
  • What Happens to My Credit Rating?
    Filing a proposal will give you a credit rating of R7, which is not as bad as a bankruptcy, which is an R9. The R7 rating is removed three years after you complete your proposal.
  • Can I Keep My Credit Cards?
    The Trustee will keep any credit cards that are part of your proposal. If you have a credit card with no balance that is not part of your proposal you may keep it.
  • How Do I Rebuild My Credit?
    As part of the proposal process, you are required to attend two counselling sessions, the second is focused on helping you plan your financial future and will explain how you can re-establish credit.

Bankruptcy – FAQ

  • How Do I Know If I Qualify for a Consumer Proposal?
    If your debt is at least $1,000, but less than $250,000 (excluding your mortgage) and you haven’t filed another consumer proposal recently (or a Division I Proposal/Notice of Intention) you should qualify. If your debt is more than $250,000 you may consider filing a Division I proposal.
  • What Do I Need to Do to File?
    Step 1: Contact us to discuss your options. Step 2: Prepare your financial documents for us to review so we can prepare the paperwork. Step 3: Meet with one of our Trustees to review your situation and decide what your best option is. Step 4: Sign the proposal documents and ask your Trustee to file them with the Federal Government.
  • How Long Does It Take?
    Not more than 60 months. A proposal can be a lump sum, payments over a period of time, or a combination of the two. We always make sure your proposal contains a term that you can pay it off early if your circumstances change for the better.
  • What Happens If I Can’t Make My Payments?
    If you miss more than three monthly payments your proposal will be in default. If you can’t make a payment you should contact us immediately to make arrangements to avoid the proposal going into default. Default means that the stay of proceedings is lifted and your creditors can start collection actions against you again.
  • Can I Keep My Home? What about My Car?
    You get to keep all your assets in a consumer proposal if you wish, but if you want to keep secured assets you will need to keep making those payments. Some people may choose to return leased assets they can’t afford at the time of filing so that those debts can be included in their proposal.
  • What Happens to My Spouse If I File a Consumer Proposal?
    Your spouse will not be affected by you filing a consumer proposal if they are not co-signers or guarantors of your debt. If they are, it may be appropriate to file a joint proposal that can include both of your unsecured debts.
  • What Does a Consumer Proposal Cost?
    The Trustee’s fees come from the money you pay into the proposal, no additional costs are required. Trustee fees in consumer proposals are set by the government and are the same no matter which Trustee you decide to use. We will work with you to arrange a proposal payment plan that is fair and within your budget.
  • What Happens If My Creditors Don’t Accept My Consumer Proposal?
    You are in no worse position than you were before filing. You are not bankrupt, but have the option of filing for bankruptcy if you think that is the best option for you at that time.
  • What Happens to My Credit Rating?
    Filing a proposal will give you a credit rating of R7, which is not as bad as a bankruptcy, which is an R9. The R7 rating is removed three years after you complete your proposal.
  • Can I Keep My Credit Cards?
    The Trustee will keep any credit cards that are part of your proposal. If you have a credit card with no balance that is not part of your proposal you may keep it.
  • How Do I Rebuild My Credit?
    As part of the proposal process, you are required to attend two counselling sessions, the second is focused on helping you plan your financial future and will explain how you can re-establish credit.
bankruptcy---faq
bankruptcy---faq
bankruptcy---faq
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