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Stop my Proceedings

I was given poor advice and I filed Bankruptcy. My situation has changed since I filed in 2002 and I want to stop my Bankruptcy; I have never been discharged. When I first filled I had no income plus I was going through marriage breakdown so my life was mess but that is really no excuse. I am now employed with a good job and I haven’t been discharged as I failed to meet my obligations with my trustee. To make matters worse I have inherited a house due to a death in the family and now I find I run the risk of losing it as it is considered an asset. I want to do a consumer proposal to be responsible for my debt plus save the house whichhas been in the family since the 1950’s. Is it possible and how do I go about it? Please help.

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One Response to “Stop my Proceedings”

A licensed trustee said...

You do have a bit of a mess, but it should be possible to sort it out. There are two critical facts that need to be considered:

1) How much do you owe your creditors? By this, I mean the creditors that were included in your bankruptcy – not any new ones that you may have created; and

2) What is the value of your share of the equity in the house that you inherited?

If #2 is larger than #1 you will be required to repay 100% of #1, but once you do so you could apply to the Court to have your bankruptcy annulled. You will need either your trustee’s help or a lawyer to do this.

If #1 is larger than #2 you will be required to offer to repay the value of #2 (plus any other assets you may have had when you filed bankruptcy to your creditors). You could either do that through the bankruptcy or by filing a proposal to your creditors (which would cause your bankruptcy to be annulled). Again, you will require your trustee’s assistance to do so.

If your relationship with your trustee has deteriorated to the point that you can no longer deal with them things become more complicated. A bankrupt does not have the right to change their trustee, only the Courts or your creditors my do so.

In other words, you need to meet with your trustee and try and re-establish a working relationship. Sometimes hiring a lawyer to act as your intermediary helps if things have gotten really bad. I would try calling the trustee’s office first and see what happens.