CP Vs Bankrupcy

March 10th, 2011 by Questions

If CP is refused, can we declare voluntary Bankrubcy?

Posted from: Ontario


One Response to “CP Vs Bankrupcy”

, 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.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)