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Bankruptcy Canada Online Support Group

Consumer Proposals
Welcome to the Consumer Proposals category of the Support Group. Don't want to file bankruptcy? A consumer proposal is an alternative. This is the place for discussions about Consumer Proposals.
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Discussion: about to file cp , and yesterday I was laid off and given severance money  (Read 268 times)
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« on: January 16, 2012, 06:31:09 PM »
nanajack
Newbie

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Posts: 4
my wife and I are to sign on 26th Jan,but yesterday I was laid off and given $40000.00 severance and termination pay. Our debt is $56000.00..what happens now ?
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« Reply #1 on: January 16, 2012, 09:40:00 PM »
tipler
Jr. Member

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Posts: 53
Loss of income is a material change.

I would see trustee immediately as your ability to make monthly payments might change now that you don't have a job.
See what he/she says and keep us posted pls.
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« Reply #2 on: January 16, 2012, 10:38:44 PM »
nanajack
Newbie

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Posts: 4
I should clarify... I was actually due to retire in 3 weeks and was filing based on my pension income. So my income will be threesome except that now I have this extra money. It is not enough to clear my debt.... Is it considered an asset now?
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« Reply #3 on: January 17, 2012, 09:53:04 AM »
TreeFrog
Full Member

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Posts: 197
Hi,

Yes, I believe it will be considered an asset. This changes your financial profile considerably, and not in a bad way ultimately. You must see your trustee ASAP to remodel your plan. He or she may still recommend a consumer proposal, but perhaps it will be in the form of a one-time lump sum now, rather than a program of monthly payments. This would certainly be to your advantage.

See your trustee right away and keep us posted!

Best wishes,
~Wendy
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« Reply #4 on: January 18, 2012, 10:33:37 PM »
Geoff
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Posts: 9
Ooops, you double posted your thread, I posted in your other one, defo gotta see your trustee ASAP and see if what I posted is what might happen, remember to get what your trustee says in WRITING!!!
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