How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

This field is hidden when viewing the form

Source

How can we help you?

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Name

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

Lump Sum vs Monthly Payments

In a consumer proposal do the payments have to be monthly? My income is very tight without my debts due to alimony payments to my ex and I am not sure I can pay a monthly payment of any real substance however every year I do get a large income tax return. Is it possible that a lump sum payment be made instead of monthly payments each year?

Posted from: Nova Scotia

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “Lump Sum vs Monthly Payments”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

While this technically is possible, it is doubtful that the creditors would cooperate with just the vesting of a tax refund, especially when you consider the first year tax return would be lost in a bankruptcy automatically.

However, you really should discuss the possibility of a consumer proposal directly with a local trustee and they will be able to look at things in more detail and give you an idea of what would be required.