Free Consultation

Consumer Perposal terms and public record

Can you pay total agreed amount in consumer perposal than initially agreed upon for example after 18 months you get better job and you able to make large monthly payments and can pay off all amount in 28 months that is 10 months earlier than original 36 months agreed payment period ? My second question is the consumer perosal public record like bankruptcy like any one can pay fee and get any body bankruptcy info form govt department any time ?

Posted from: Ontario

One Response to “Consumer Perposal terms and public record”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The answer to both of your questions is yes. First of all, you can pay a consumer proposal off at any time during the proposal. There is no penalty for paying it off early and the result is the sooner you pay it off the sooner you can start to re-establish your credit.

Now your second question. The consumer proposal is a public record and through the Office of the Superintendent of Bankruptcy and for a small fee anyone can search your name to determine if a proposal or bankruptcy has been filed.