proposals and credit card use
If i am thinking about bankruptcy or a consumer proposal and i continue to use my credit cards before seeing a trustee, when i do go to file a proposal or bankruptcy-how does this factor in. Are consumer proposals rejected based on using credit cards before. I m really using my cards to purchase gas, food, and sometimes i take cash advances to make a payment to another card.
Posted from: Alberta
The best advice is that when you know that you are going to have to file a bankruptcy or a proposal, stop using your credit cards. Continuing to use a credit card on the eve of a bankruptcy or proposal will definitely be factored into voting and could very easily result in a creditor not being willing to cooperate with or vote in favor of the proposal.