2025-09-04
Will Bankruptcy Erase All Of My Debt?
Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
2012-03-23
Watch the video or continue reading below. In Canada, creditors assign credit ratings on a scale of 1 to 9, with 1 meaning your payments are being made on time and 9 meaning your debts are in collection or considered uncollectible.Different Credit Ratings For example, R-1 is your best rating for revolving credit, such as credit cards or lines of credit. An I-9 rating means that your bank installment loan is considered uncollectible or has been assigned to collection by your creditor. Your credit rating will be revised to R-9 and I-9 status upon filing a Consumer Proposal, until you complete it. Once you’ve finished your Proposal payments, your rating in all provinces will change to R-7 and I-7 for 3 years as a credit arrangement. As a proposal can be repaid over a maximum of 5 years, these ratings can remain on your credit for up to 8 years. For example, if your Proposal is repaid over 2 years, the Proposal remains on your credit report for a total of 5 years.Considering a Consumer Proposal If you’re considering a Consumer Proposal, chances are you already have some blemishes on your credit. As an example, debts with collection agencies will remain on your credit file for 6 years in all provinces once they’ve been assigned. If you don’t qualify for a debt consolidation loan because of your credit history but still have the ability to make regular payments, a Consumer Proposal can be a great solution to stop interest charges, deal with collection calls and combine your unsecured debts into one affordable payment. For more information on how a Consumer Proposal may help you, pleasecontact me directly or consult ourConsumer Proposal FAQ.
2025-09-04
Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
2025-09-02
Lifestyle Debt Debt Solutions
You already know the many benefits of skilled money management. The fact you’re reading this blog post says at least that much. Your challenge, like for most households, is how to navigate the seemingly infinite demands on your frustratingly finite income.
2025-09-02
Lifestyle Debt
Have fun on a budget with our guide to affordable activities in Atlantic Canada.