{"id":1768,"date":"2019-10-16T17:16:03","date_gmt":"2019-10-16T21:16:03","guid":{"rendered":"https:\/\/dev.labellemarquis.com\/faq\/"},"modified":"2020-10-07T10:58:53","modified_gmt":"2020-10-07T14:58:53","slug":"faq","status":"publish","type":"page","link":"https:\/\/labellemarquis.com\/en\/faq\/","title":{"rendered":"FAQ"},"content":{"rendered":"

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FAQ<\/h1>\n\t\t\t<\/div>
Home<\/a><\/span>FAQ<\/span><\/div><\/div><\/div><\/div><\/div>[\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1572289393167{padding-top: 90px !important;}” el_class=”accueil-bloc4″][vc_column][vc_column_text]<\/p>\n

Frequently Asked Questions<\/h2>\n

Questions about bankruptcy and indebtedness:<\/h5>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1574182321998{border-bottom-width: 1px !important;padding-bottom: 90px !important;border-bottom-color: #3a6fa8 !important;border-bottom-style: solid !important;}” el_class=”accueil-bloc4″][vc_column][vc_toggle title=”How long does a bankruptcy have negative effects on a credit report?”]An annotation will be present for a period of six years after the discharge of the bankruptcy and the credit rating will vary according on the financial behaviour adopted by the bankrupt.[\/vc_toggle][vc_toggle title=”What is the difference between debt consolidation and a consumer proposal?”]A debt consolidation is a personal cash loan offered by the bank to consolidate your debts.<\/p>\n

A consumer proposal is a payment agreement permitted by law (through the Trustee) to be made with creditors. This is based on your income and expenses (your ability to pay) over a maximum period of 60 months, then your debts are cancelled.[\/vc_toggle][vc_toggle title=”Does a consumer proposal affect the credit record?”]Yes, it affects it as much as bankruptcy[\/vc_toggle][vc_toggle title=”How do I get my credit record?”]There are 2 credit offices offering the possibility to consult and\/or order your credit record\u00a0: TransUnion Canada and \u00c9quifax Canada.\u00a0You can order it free of charge by mail, however it will not include your credit rating.\u00a0If you want to know your rating and what are your present and past debts appearing on your record, you will have to order it via internet.\u00a0It will be more exhaustive, however a fee will apply[\/vc_toggle][vc_toggle title=”What do credit ratings mean?”]Credit ratings range from R1 to R9 and represent an assessment of your credit history. A rating of R1 means you are always paying on time while a rating of R9 indicates that you are not meeting the required payment deadlines on a monthly basis. You will have more details regarding the ratings between R1 and R9 on the following government website:<\/p>\n

Click here to find out more \u203a\u203a<\/a>[\/vc_toggle][vc_toggle title=”Can I keep my vehicle still under financing in case of bankruptcy?”]Yes, but you have to make sure the payments are not late; the same goes for a vehicle under lease.[\/vc_toggle][vc_toggle title=”If I make a consumer proposal, what happens when I renew my mortgage?”]By law, a consumer proposal cannot be used as a reason to refuse to renew a mortgage. However, if your mortgage payments are late, the financial institution may refuse to renew you mortgage.[\/vc_toggle][vc_toggle title=”Can I leave the country despite a bankruptcy or a consumer proposal?”]YES, neither the consumer proposal nor the bankruptcy have an impact on your passport.[\/vc_toggle][vc_toggle title=”In case of bankruptcy, will you take an inventory of the goods inside my house; will our furniture be seized?”]In the vast majority of cases, the furniture and appliances in your residence are not seizable with exception of goods of a certain value (collector\u2019s item, musical instruments, artworks).[\/vc_toggle][vc_toggle title=”Can I keep a credit card in the event of a bankruptcy or consumer proposal?”]NO, it is not possible to keep a credit card in both cases.[\/vc_toggle][vc_toggle title=”What happens to my taxes and government credits in the event of bankruptcy?”]Since the Bankruptcy and Insolvency Act is a federal law, it is the government that seizes GST and federal tax refunds then sends them to the Trustee for a period of approximately one year.[\/vc_toggle][vc_toggle title=”Can my bankruptcy affect my spouse? Will this affect his credit record?”]Not unless you have joint debts. In this case, your spouse will remain liable for all joint debts. It will not affect her\/his credit record, on the condition that he\/she makes payments on time.[\/vc_toggle][vc_toggle title=”Can all debts be included in a bankruptcy or a consumer proposal?”]All debts must be disclosed. However, some of them are not releasable and will not be erased at the end of your bankruptcy or consumer proposal. The debts that cannot be released are as follows:<\/p>\n