After a consumer proposal – what happens?
After a consumer proposal has been paid in full, you will be issued a Certificate of Full Performance by your Licensed Insolvency Trustee. This is a legal document certifying that you have fulfilled your obligations under the terms of your proposal. Your debts are discharged on the date the Certificate is issued to you.
An electronic copy of the Certificate is filed by the Trustee with the Office of the Superintendent of Bankruptcy (“OSB”), which updates its records and then transmits this information to the various credit reporting agencies like Equifax and Trans Union. These agencies then update their records with the fact that you have completed your proposal.
The Trustee then submits to the OSB its Final Statement of Receipts and Disbursements (“SRD”) for review. This is an accounting of the proposal funds that you paid to the Trusted and how they were disbursed.
Once the OSB has reviewed the SRD, the Trustee will issue a final dividend payment to the creditors in your proposal and will provide these creditors with a copy of the SRD. The Trustee will then subsequently close the proposal file and obtain his own discharge.
After a consumer proposal – rebuilding your credit
Once you’ve received your Certificate of Full Performance, you may begin to rebuild your credit.
You have now put your financial problems behind you and are moving on with your life. Hopefully, you’ve learned to how to better administer your personal finances and are therefore better able to deal with your finances in the future.
Congratulations on your fresh start!