Qualifying for Consumer Proposal
October 26th, 2015 by Questions
I am about to receive EI and it will barely cover my living expenses. Would I qualify for Consumer Proposal?
One Response to “Qualifying for Consumer Proposal”
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October 26, 2015 at 9:12 pm, Desmond West-Chow, CIRP, Trustee said:
If it will just cover your living expenses the difficulty in filing a consumer proposal is that you won’t be able to maintain monthly payments towards the proposal. As such, you would likely be the three months in arrears shortly after filing and as such the proposal would be annulled leaving you in a similar position that you are today but without the option of a second consumer proposal (as there are limitations on filing a second consumer proposal on the same debt). There are alternatives to this such as a lump sum proposal if you have the resources or friends or family that would be willing to help out. If you haven’t already, contact a local trustee to discuss what options may exist for consumer proposal payments or what other debt resolution options you could consider.