July 22nd, 2010 by Questions
Will a previous bankruptcy (discharged 12 years ago) impact my ability to make a consumer proposal now?
Posted from: Alberta
One Response to “previous bankruptcy”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
July 23, 2010 at 6:59 am, 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.