Bankruptcy after a Consumer Proposal

April 20th, 2016 by Questions

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 Mortgage company offered to refinance to consolidate, then rescinded the offer on the day of closing!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.

Questions

One Response to “Bankruptcy after a Consumer Proposal”


April 21, 2016 at 1:51 pm, Desmond West-Chow, CIRP, Trustee said:

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.

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.)