If a new job

September 20th, 2008 by Questions

I have taken ill, I`m a disabled worker and going through recovery. I am not able to pay my monthly line of credit in full nor on time, which includes my bills. I lost my job but have found another.

If I did a Consumer Proposal, and it was accepted by the creditors, and after signing the agreement should I find a full-time job and keep a part-time to suppliment my full-time (ie full-time is variable as it is commission based income, and my part-time is stable hourly. If I had a 3 yr Consumer Proposal, and my income based on my commissions alone exceeded the total amount to be paid to the creditors, would the creditors be able to re-arrange the agreement or go to Court to get more than the specified agreed amount as per Proprosal Agreement?

If the Consumer Proposal was denied, will it automatically go to into bankcruptcy? If not, what are the reasons it doesn`t go automatically? My loan far exceeds my total assets, and my current income cannot pay monthly bills (however I`m trying to find a way to make additional income). I appreciate your response and thank you.

Posted from: Ontario


One Response to “If a new job”

, A licensed trustee said:

There’s nothing wrong with anything you’ve said may happen – once a proposal has been accepted it isn’t subject to change unless you request the change (for example when someon’e’s income drops).

Use the links to find a local trustee and discuss yoru concerns in details – I’m sure thyey’ll walk you through your options.

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