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Unexpected inheritance from overseas, half-way through a Consumer Proposal

I am just over half way through my Consumer Proposal. I’ve never missed a payment, and have completed my credit counseling obligations. I have just learned that I may receive an inheritance from an overseas relative: What are my obligations / options while under the Consumer Proposal?

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One Response to “Unexpected inheritance from overseas, half-way through a Consumer Proposal”

A licensed trustee said...

Lucky for you! You have no obligation to disclose this windfall to your trustee if you are in a proposal – the money is yours to do with as you see fit.

That being said, you may want to use this windfall to payout your proposal early. That will eliminate the monthly payment and allow you to start rebuilding your credit sooner.