http://personalbudgethelp.com/2009/06/alternatives-to-bankruptcy/ budget advice, personal finance tips, budget spreadsheets, living frugal Mon, 21 Nov 2011 21:43:45 +0000 hourly 1 http://wordpress.org/?v=3.3.2 http://personalbudgethelp.com/2009/06/alternatives-to-bankruptcy/#comment-17 Johanus Mon, 21 Nov 2011 20:35:00 +0000 http://personalbudgethelp.com/?p=98#comment-17 That’s interesting to note, Darren. The trustee’s that I spoke with all state that unlike a bankruptcy the consumer proposal will drop off your credit report after three years from completion, rather than the 7 years of a bankruptcy. And the rating, while still bad, is different, as a bankruptcy gives you the worst rating of “R9″, whereas a consumer proposal gives you an “R7″ rating. See http://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02179.html for more about how the rating systems work. That’s interesting to note, Darren. The trustee’s that I spoke with all state that unlike a bankruptcy the consumer proposal will drop off your credit report after three years from completion, rather than the 7 years of a bankruptcy. And the rating, while still bad, is different, as a bankruptcy gives you the worst rating of “R9″, whereas a consumer proposal gives you an “R7″ rating. See http://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02179.html for more about how the rating systems work.

]]> http://personalbudgethelp.com/2009/06/alternatives-to-bankruptcy/#comment-15 Johanus Fri, 26 Jun 2009 21:18:00 +0000 http://personalbudgethelp.com/?p=98#comment-15 A consumer proposal is treated just like a bankruptcy at the Financial institution level. It is even recorded on your credit report as a bankruptcy. Here is how it works: when you file it takes about a year, and then about a year to be discharged. Two years after you have been discharged you can apply for credit again. 7 years after discharge the bankruptcy falls off the system. A consumer proposal is treated just like a bankruptcy at the Financial institution level. It is even recorded on your credit report as a bankruptcy. Here is how it works: when you file it takes about a year, and then about a year to be discharged. Two years after you have been discharged you can apply for credit again. 7 years after discharge the bankruptcy falls off the system.

]]> http://personalbudgethelp.com/2009/06/alternatives-to-bankruptcy/#comment-14 Johanus Fri, 26 Jun 2009 21:14:00 +0000 http://personalbudgethelp.com/?p=98#comment-14 The three years is if you do a consumer proposal (and the rating isn’t as bad as with a bankruptcy). It’s seven for bankruptcy. Have a look at the original post to see what the difference is between the two. The three years is if you do a consumer proposal (and the rating isn’t as bad as with a bankruptcy). It’s seven for bankruptcy. Have a look at the original post to see what the difference is between the two.

]]> http://personalbudgethelp.com/2009/06/alternatives-to-bankruptcy/#comment-16 Darren R Fri, 26 Jun 2009 21:12:00 +0000 http://personalbudgethelp.com/?p=98#comment-16 A consumer proposal is treated just like a bankruptcy at the Financial institution level. It is even recorded on your credit report as a bankruptcy. Here is how it works: when you file it takes about a year, and then about a year to be discharged. Two years after you have been discharged you can apply for credit again. 7 years after discharge the bankruptcy falls off the system. A consumer proposal is treated just like a bankruptcy at the Financial institution level. It is even recorded on your credit report as a bankruptcy. Here is how it works: when you file it takes about a year, and then about a year to be discharged. Two years after you have been discharged you can apply for credit again. 7 years after discharge the bankruptcy falls off the system.

]]> http://personalbudgethelp.com/2009/06/alternatives-to-bankruptcy/#comment-13 Niel M Fri, 26 Jun 2009 21:07:00 +0000 http://personalbudgethelp.com/?p=98#comment-13 I thought that they had changed the term of credit waiting time to 3 years now. No? I thought that they had changed the term of credit waiting time to 3 years now. No?

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