Can I cancel my proposal within the first 60 days?

January 28th, 2015 by Questions

On December 19 a Trustee filed a Consumer Proposal on my behalf to which he said the Unsecured Creditors have 45 days to reject or approve. The date for this is February 1. The net proceeds of the house will be used to pay the Creditors, and leaving me very little. Can I cancel the Proposal, as I have second thoughts and it is less than 60 days.

Posted from: Ontario

Questions

One Response to “Can I cancel my proposal within the first 60 days?”


January 28, 2015 at 10:40 am, Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said:

A consumer proposal can be withdrawn by the debtor at any time before the consumer proposal is deemed approved by the Court. This is generally the 60th day, or 15 days after the acceptance or deemed acceptance of the consumer proposal by the creditors. If you are having second thoughts it would be good idea to speak with your trustee, the administrator of your consumer proposal. The reason you met with the trustee originally was because you were/are having financial difficulty. The trustee would have discussed with you the pros and cons of all of the options available to you. Since you filed the consumer proposal, you must have thought it was the best solution. If anything has changed or perhaps all of the information was not provided to your trustee, you should definitely speak with them again to ensure the consumer proposal is still the best option.

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