Bankruptcy after a Consumer Proposal
When I was 19, my husband and I filed a consumer proposal. We have had perfect credit since then. Our scores were well above average. We bought our first house three years ago. All was good for the first two years. Year 3 full of unexpected trouble. Mortgage company offered to refinance to consolidate, then rescinded the offer on the day of closing! Drowning in debt, what happens if we claim bankruptcy now? It’s been 13 years since our consumer proposal.
When filing a bankruptcy, only prior bankruptcies would affect your discharge and therefore your duties and obligations during bankruptcy. So, since you’ve only filed a consumer proposal in the past, and not a bankruptcy, if you were to consider bankruptcy it would be counted as your first bankruptcy.