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Is a previous accepted Consumer Proposal consider your 1st Bankruptcy?

I had an accepted and completed successfully a Consumer Proposal in the mid 90’s. Is now filing for Bankruptcy in 2010 considered a 1st or 2nd Bankruptcy under these these circumstances?

Posted from: British Columbia

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One Response to “Is a previous accepted Consumer Proposal consider your 1st Bankruptcy?”

A licensed trustee said...

So, as long as you perform all of your duties properly and none of your creditors request for your file to go to Court, you won’t be penalized for the prior proposal. If you end up in Court FOR ANY REASON the Court will treat the bankruptcy as your SECOND INSOLVENCY EVENT and penalize you accordingly.

What that means is “dot your Is and cross your Ts” – do everything your trustee tells you to do so you don’t end up in Court…