March 10th, 2011 by Questions
If CP is refused, can we declare voluntary Bankrubcy?
Posted from: Ontario
March 10, 2011 at 7:19 am, A licensed trustee said:
Yes, you may. In fact, even after a proposal has been accepted and you’ve started making payments, you may still file for bankruptcy if your situation changes for ther worse…
Of course, if your creditors vote against your consumer proposal they almost always make a counter offer. So it may be possible to still negotiate a payment plan that works for you and your creditors will accept.
Your trustee should explain all of this to you BEFORE you actually file a consumer proposal.
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