Consumer proposal to bankrupcy

January 2nd, 2012 by Questions

I lost my job on sept 1/11. I used a small rrsp to help pay bills, now it`s gone, and I`m having to hold payment on my consumer proposal in order to pay rent and other bills. my EI is 1684.00/mo, and bills are 1960.00/mo. Is bankrupcy a viable solution?

Posted from: British Columbia


One Response to “Consumer proposal to bankrupcy”

, A licensed trustee said:

It may be, but before you decide bankruptcy is your only option, go and speak to your trustee. Depending on how far you are into your proposal, you might be able to ask your creditors to agree to new terms based on your current situation. We have had cases were the creditors have agreed to accept the amount that has already been paid into the proposal – it literally depends on how much you owed in the first place and how far into your proposal you are now.

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