November 18th, 2012 by Questions
what happens if my spouse or I should all of a sudden pass away before our proposal is finished what happens then
Posted from: Ontario
November 18, 2012 at 10:29 pm, A licensed trustee said:
If the payments are not made then the proposal will be annulled (cancelled) once it falls 3 payments into arrears. As long as the payments are kept current, nothing will happen.
If this happens, the surviving spouse should contact the trustee that assisted with the proposal to discuss how they should proceed – make the payments, or let the proposal be cancelled, or perhaps ask the creditors to accept a new deal. There are options, but they are very case by case specific – there isn o general rule what to do.
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