Experts say many people are in the dark about the insolvency process.
Whether it’s nine or 21 months, once the process is over, they’re free from those debts. The bankruptcy will show on their credit history for six or seven years after they’re discharged, depending on the province, according to the Financial Consumer Agency of Canada. If it’s not their first bankruptcy, it stays on their report for 14 years.
This will be on your credit history for either three years after you finish paying your debts, or six years after you sign the proposal, whichever is sooner, according to the Financial Consumer Agency of Canada.Article contentIn a consumer proposal, you have to offer the creditors more than they would have received if you filed bankruptcy, said Terrio _ usually between 20 and 30 per cent of the debt.
But many people hold the misconception that if they choose bankruptcy, they will lose all their assets, which isn’t true, he said. Many people may not realize that they’re on the precipice, as they’re paying their minimums on a large amount of debt and maintaining a good credit score, said Terrio. But all it takes is one major change, such as a layoff, for the house of cards to fall. That’s why it’s important to map out what your “worst case” scenario looks like, he said.When it’s time to evaluate your options, only licensed insolvency trustees can actually take you through a bankruptcy or consumer proposal, said Bolduc.
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