Division 1 Proposal
June 12th, 2009 by Questions
As I understand it I would have to go the route of a Division 1 as I have a $150k in unsecured debt, with a decent income $120k per year, but I need to avoid bankruptcy at all costs (due to employment restrictions). I understand that if my Division 1 proposal is not approved I have to declare bankruptcy. What is the likehood – that a Division 1 proposal will not be approved at the creditors meeting? And is there any way to avoid automatically being declared bankrupt if it were not approved – as perhaps if by Division 1 proposal is not appproved I can approach family – but I don`t want to take the chance of automatically being declared bankrupt?
Posted from: Ontario
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