recently acquired debt

August 1st, 2011 by Questions

I acquired some debt just a couple of months ago. I sincerely believed I would be able to pay it, but even more unexpected expenses have come up since the last loan. Within the next month to two months, I won’t be able to pay everything. Can I apply for a Consumer proposal even though I recently borrowed money?

Posted from: Ontario


One Response to “recently acquired debt”

, A licensed trustee said:

You may be required to repay in full any debt you acquire in the 3 months immediately preceding a consumer proposal (or bankruptcy). At the very least, you will be required to provide a detailed accounting of what you did with the money to determine if you have acted appropriately.

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