what happens if one person passes away and you have filed a joint consumer proposal
July 29th, 2008 by Questions
what happens if one person passes away and you have filed a joint consumer proposal. and also if in four years you inherit money or win a lottery for instance can you repay proposal debt or do you have to repay all creitors.
Posted from: Ontario
One Response to “what happens if one person passes away and you have filed a joint consumer proposal”
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July 30, 2008 at 7:57 am, A licensed trustee said:
When you file a joint consumer proposal both parties are responsible to see that the payments are made. If one person passes away then the other person will be required to continue to make the proposal payments if they want the proposal to continue.
In regards to your scond question, proposals may be paid out at any time – if you inherited money (or won the lottery) you could choose to pay the balance on the proposal, or you could simply continue to make your monthly payments. You could also choose to pay off the debts in full and apply to the Court to have the proposal annulled (canceled).