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Change of consumer proposal

If I am in a 36months $700 per month consumer proposal, assume that I encounter personal income change (reduce income, permanent financial difficults) at 10th month of this consumer proposal, when I contact my trustee, will trustees help me to negotiate with creditors again to change the term and payment of this consumer proposal? Let`s say change to $300 per month for the rest of consumer proposal (26 months left)? Alternatively, may I file bankrutcy to terminate the consumer proposal through trustee?

One Response to “Change of consumer proposal”

Barton Goth GCO Bankruptcy Trustees said...

With the help of your trustee you can amend the proposal and try to have a smaller payment accepted due to change of circumstances. However, the amended proposal would have to go through the original voting process and it may be difficult to get the cooperation of your creditors.

The alternative is you can simply file a bankruptcy through your trustee and this will serve to automatically terminate the proposal.