Consumer Prop…THE PROCESS

May 4th, 2009 by Questions

Please help, I cannot get a straight answer for the life of me. First off, if my wife and I file a Consumer Proposal and it is NOT accepted, what happens next? Do we just carry on as before or will we have to go bankrupt? Also does how your debt was incurred play a significant part during the acceptance process? For example,
what if some of your debt was from on line gambling 2 or 3 yrs ago? and lastly…is over draft on cheqing accounts included in Consumer Proposals? Thanks ver much for your assistance.

Posted from: Ontario


One Response to “Consumer Prop…THE PROCESS”

, A licensed trustee said:

Use the links to call a trustee in your area – these questions are pretty straightforward so I don’t know why you’re having a difficult time getting answers.

If you file a consumer proposal and it is nto accepted then you go back to where you were before you filed. You do not automatically become bankrupt, BUT in most cases people that offer a proposal that is rejected end up filing bankruptcy as the only other way to deal with their debts.

How you incurred your debt may have a significant impact on the terms you may be required to offer in order to get your proposal accepted. Gamblers generally are expected/required to repay a greater portion of their debt than the average person in financial difficulty.

Finally, yes, overdrafted bank accounts are included when you file a proposal.

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