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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: Credit meeting tomorrow  (Read 1501 times)
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« on: July 06, 2009, 05:36:48 PM »
fergiak
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We meet the creditors , or whoever shows up, tomorrow.. I am SOOO extremely stressed tonight.. I felt really good about this all up until today and now I am freaking.. have not stopped crying since I got home. I am so scared.. scared of the unknown I guess.. scared of what is going to happen there, scared of who will be there, scared of the outcome.. Up until now, I have not really cared if it ended in bankrupcy, but, now I do care.,.. I care about losing my home and my car.. that is about it.. that I am worried about.. I don;t know how I will evetr sleep tonight and how I will get through tomorrow...

So sacred and stressed right now...Sad

Fergiak
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« Reply #1 on: July 06, 2009, 10:22:28 PM »
TreeFrog
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Well, on the bright side, at least you managed not to worry until today...  Smiley

The meeting will likely be a big nothing, compared to what you are fearing. Please post once you get home from it to tell us how it went.

Best wishes,
~Wendy
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« Reply #2 on: July 07, 2009, 09:21:04 AM »
fergiak
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Well, weird turn of events, in my opinion, my proposal was 100% accepted, but no one responded to my husband's... so, he has to wait another 3 weeks and go to another meeting to see if anyone has responded by then, this keeps going until there is a reponse from even just 1 creditor. So, this is good news and  Huh news.. not sure what this means.. the trusteee says sometimes this does happen, though not very often, perhaps someone is on vacation... hard to say.. so.. I am in proposal and we don;t know about my husband. So, we wait another 3 week.

Has anyone else had this happen?
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« Reply #3 on: July 07, 2009, 10:32:17 AM »
TreeFrog
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Hi Fergiak,

When my husband and I did our proposals, very similar to yours, mine was accepted by two of my eight creditors, and his was accepted by one of his eight (his smallest one, to whom he only owed $1700!).

Our trustee said that if that one creditor hadn't responded, my husband would have had to wait another 3 week, just as yours is.

Very likely your trustee is right ... people are on vacation. Your husband's proposal will probably get a "yes" during the next three-week period.

Best wishes,
~Wendy
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« Reply #4 on: July 07, 2009, 10:47:59 AM »
fergiak
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Thanks Wendy,

I Feel MUCH releif , and much better than I did last night, even with the uncertainty of my husband.. but I KNOW what I am doing and can start living.. hopefully his will be accepted and if not, then he goes into bankrupcy and I do my proposal.. so , esentailly all is well, as far as I am concerned.

I really REALLY appreciate this forum and all the answers and help and advice I have gotten since embarking on this new step in my life. I will continue to come here and read and hopefully will be able to offer encouraging words to others, as you have done for me.

I do wonder though, has anyone had 1 person in proposal and the other in bankrupcy? Any advice? I am going to post this on the bankrupcy forum as well.. just lining up my ducks in a row..

But, I am much releieved .. I know what I have to do, we are just unsure re my husband at this point.

Thanks
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« Reply #5 on: July 29, 2009, 12:48:05 PM »
Ecos
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Hi - I am new to the group

How did the meeting go?

Ecos
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« Reply #6 on: July 29, 2009, 02:48:10 PM »
fergiak
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Hi all!

Everything went great. My husband had his meeting today ( the first one we had, beginning of Juyly, I was approved 100% for my proposal but no one had responded to his proposal, so he had to have another meeting). He was approved 100% as well, so all is great, I am very releieved and we have just made out first payment.. 1 down... Huh to go..
Anyway, I feel so good about all of this and as scared as hell as I was, to initiate this process, it was SO worth it--no more stress, no more avoiding the phone ringing, no more getting bills and just being sick , wondering how I was going to pay them. My utilitites and all have been on time and I can now buy groceries.. YUP.. I was not buying groceries in order to pay bills. I am sure there will be times when this is very difficult, but, my sanity and lowered stress level is so worth it.

Thanks for all the help on here, I will check back and hope to be able to help someone else some other time.

Angela
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« Reply #7 on: July 29, 2009, 04:38:59 PM »
TreeFrog
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Yay!

 Smiley Cheesy Grin

My husband and I feel the same way about our proposals.  Hopefully all the posts in this forum will help give other people courage.

 Cool
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« Reply #8 on: September 09, 2009, 08:41:15 PM »
IOWE
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Hi all, my husband and I just finished reading this thread and are still trying to take in all the information given as to the differnce between Bankruptcy and a proposal....we are trying to gather as much info as we can before meeting with a counselor.  Congratualations on being accepted for your proposal, we are interested in knowing if you own a home and a car and if so were you able to keep these while taking the proposal route?

Any help would be appreciated
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« Reply #9 on: September 10, 2009, 02:57:53 PM »
fergiak
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Hi,
Yes, we own a home and  cars.. we were able to keep those with the proposal. We had always maintained our payments with the cars and out mortgage, so that was no an issue I guess.
The proposal is tough, it is NOT easy, but, it is much less stress than having monthly bills coming to you, that you cannot pay, and having creditors calling 24-7 and hating to even check the mail or answer the phone. With a proposal, you must make a fair proposal for the creditors, something that will give them MORE than they would get in bankrupcy. We make good money, therefore we are paying a large proposal payment, and it is hard, but it is all we could do. I can only take 1 day at a time and make sure we get everything paid, some weeks are much harder than others, but I know that in 3 years ( -2 MONTHS NOW!!) we will be paid off on the proposal and the money that we now pay to the proposal company will be ours.
Good luck on your decision and please don;t hesitate to ask any further questiions. I know the laws have changed a bit for bankrupcies, so I am not sure if what I was told when we filed in June is still accurate but I can relay my experience.
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« Reply #10 on: September 10, 2009, 04:19:40 PM »
IOWE
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Thanks so much for your response Fergiak.  We have a meeting this Saturday to go in and see what are options are.  I'll keep everyone posted as to what happens.
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« Reply #11 on: September 10, 2009, 04:38:48 PM »
fergiak
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great! I am glad you have a meeting, let us know how it goes. Good luck
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