Proposals and assets

September 24th, 2006 by Questions


I filed a consumer proposal 2 1/2 years ago. I did include ALL my assests and creditors in my Proposal. However, after I filed, I decided to cash in a $1500 GIC. Is this considered fraud under the BIA?? It certainly was not my intent to commit any type of fraud as I needed money to cover living expenses. Help!!


One Response to “Proposals and assets”

, Barton Goth, GCO Inc. Bankruptcy Trustees said:

As long as you listed your GIC and it showed up on the Statement of Affairs you would have signed, then you have no concern as the proposal would have to taken this into account. If this asset was not listed, your creditors could either ask you to amend your proposal or reverse it as it would technically have been based on incorrect or “fraudulent” information.

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