Consumer Proposal and Funds in Foreign bank accounts

April 15th, 2012 by Questions

I am working in US and have bank accounts there. These accounts are used for direct deposit of my salary.,
When I am going to file consumer proposal, do I have to mention those accounts as well and if I mention those accounts then funds will be taken from those accounts?

Posted from: Ontario


One Response to “Consumer Proposal and Funds in Foreign bank accounts”

, A licensed trustee said:

When you file a consumer proposal you are required to disclose all of your assets no matter where they may be located thorugh out the world. If you have bank accounts and/or other assets in the US then yes, you must disclose them to your trustee.

If you were filing for bankruptcy then these bank accounts might be seized – when you file a consumer proposal they are not, BUT the value of these accounts (ther balance) may have an impact on how large a proposal you have to offer your creditors.

When you file a proposal you have to offer your creditors the greater of two things:

(1) the amount they would receive if you filed for bankruptcy; and
(2) enough to entice your creditors to accept your offer – currenlty that means at least 1/3 of what you owe.

Your US bank accoutns are included in the first point.

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