automatically placed into bankrupcy?
September 28th, 2009 by Questions
I was in a consumer proposal and a third payment bounced. Now I have a creditor calling and I hav`nt received anything from my trustee. You say in another post that I will be automatically placed into bankrupcy? How does that work because the crditor is saying I just have to pay and the value is the same as it was 2 years ago. What do I do?
Posted from: British Columbia
One Response to “automatically placed into bankrupcy?”
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September 29, 2009 at 8:12 am, A licensed trustee said:
There are no automatic bankruptcy provisions for consumer proposals – you must have misunderstood something you read (or were told). When your proposal is annulled the creditors’ rights are re-instated – that means they have a right to contact you and expect payment.
If you are looking for options you should speak to the trustee that was handling your proposal – you may actually want to file for bankruptcy to deal with the debts, or you may want to consider the other options your trustee describes to you.