Comments on: Realtor in Bankruptcy http://www.bankruptcy-canada.ca/bankruptcy/2010/02/realtor-in-bankruptcy.html Personal Bankruptcy Canada Blog Tue, 07 Sep 2010 05:49:54 +0000 http://wordpress.org/?v=2.2.1 By: Ted Michalos, CA trustee http://www.bankruptcy-canada.ca/bankruptcy/2010/02/realtor-in-bankruptcy.html#comment-113632 Ted Michalos, CA trustee Tue, 02 Feb 2010 12:22:44 +0000 http://www.bankruptcy-canada.ca/bankruptcy/2010/02/realtor-in-bankruptcy.html#comment-113632 What you are asking is possible, although it is not very common. You ahve the right at any time during the bankruptcy process to file a proposal to your creditors. If the proposal is accepted then your bankruptcy is annulled (canceled). Another person posted a similar question last night - only they wanted to know if they have to use the same trustee to file the proposal. The answer is no. This is one of "escape clauses" for individuals in the Bankruptcy Act that don't want to keep dealig with the same trustee. You have the right to file a proposal with a different trustee if you want to. Back to your question, about being 5 months in and switching - be careful. Rea; estate is a funny business. You might close 5 deals and then not have any for the next 6 months. If you are going to switch to a proposal you have to be able to make the payments, other wise it will fail and you'll have to file for bankruptcy again (or pay off the debts in full). What you are asking is possible, although it is not very common. You ahve the right at any time during the bankruptcy process to file a proposal to your creditors. If the proposal is accepted then your bankruptcy is annulled (canceled).

Another person posted a similar question last night - only they wanted to know if they have to use the same trustee to file the proposal. The answer is no. This is one of “escape clauses” for individuals in the Bankruptcy Act that don’t want to keep dealig with the same trustee. You have the right to file a proposal with a different trustee if you want to.

Back to your question, about being 5 months in and switching - be careful. Rea; estate is a funny business. You might close 5 deals and then not have any for the next 6 months. If you are going to switch to a proposal you have to be able to make the payments, other wise it will fail and you’ll have to file for bankruptcy again (or pay off the debts in full).

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