Question Regarding a Consumer Proposal

I am self-employed and need to continue using my credit line and credit card with my current bank. Is it possible to be selective as to which creditors we are seeking relief from, or must they all be contacted.


Posted from: Ontario

One Response to “Question Regarding a Consumer Proposal”

A licensed trustee said...

Unfortunately, you cannot “pick and choose” which debts to include in a consumer proposal – it’s all or nothing. In fact, if your cash flow is so irregular that you have to rely on credit then a consumer proposal probably isn’t for you.

What you likely need to do is spend some time with an accountant to determine whether your current business model makes sense – perhaps if you change some of the ways you are doing things your cash flow will improve and then a proposal might makes sense. It will just take some planning to make sure things will improve.