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previous bankruptcy

Will a previous bankruptcy (discharged 12 years ago) impact my ability to make a consumer proposal now?

Posted from: Alberta

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One Response to “previous bankruptcy”

A licensed trustee said...

Not directly – one of the “tests” you have to meet with a consumer proposal is that you are offering your creditors more money in your proposal than they would receive in your bankruptcy. Since you have been bankrupt before, a second bankruptcy would run much longer (either 24 or 36 months) and therefore you’d pay more than you did the first time. Your proposal payments have to add up to more than your bankruptcy payments – so that’s why your prior bankruptcy has an impact on your proposal.