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If a CP is finally rejected, and one doesn`t wish to go bankrupt, what options are there?

I keep hearing `the creditors will come after you`. Have you heard of debtors pay their arrears so their accounts are up to date and then continuing to pay them as previously?

Can you sign up for a debt management plan, and in your experience, will creditors go for this?

Posted from: Ontario

One Response to “CP”

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

The options really are filing for bankruptcy, filing a debt management plan (assuming you can afford this), negotiate payment terms directly with your creditors, or a consolidation loan.

In terms of whether your creditors will accept a debt management plan, as trustee we have no involvement there as it is not administered by us, but I would assume they will look at the nature of your situaiton and the specifics of your finances and then would be willing to cooperate based on the merits of the plan