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time frame

At what point(day) does a Consumer Proposal stop my having to pay monthly, unsecured, debts i owe. (eg: if i sign papers on tuesday Sep 25/12 when does the CP kick in)

Posted from: Ontario

One Response to “time frame”

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

Technically speaking the date of signing the papers is when you stop making payments to your creditors as that is the day that the court protection is initiated. Practically speaking I tell my clients once they know they are going to file a proposal there is no point continuing to make any payments to the creditors (of course this assumes they are diligent and get me the completed application form right away, but as long as they are diligent we don’t run into any problems).