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
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April 15, 2012 at 9:21 pm, 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.