Tracking finances before proposal
I think I`ll need to make a consumer proposal or declare bankruptcy soon.
I stopped spending on my cards four months ago when I realized I was in financial trouble. Will this satisfy the trustee, or would it be considered fradulent because I hadn`t been keeping better track of my finances and should have recognized the trouble earlier?
(I had expected to receive money from my parents to pay off a lot of my debt, but it didn`t happen. I have been holding off submitting a proposal because I had hoped things might change.)
This will be more than sufficient.
What we find is often people don’t have the ability to wait 4 months prior to seeing a trustee and very rarely do they have any issues with fraud. The key thing is you can’t have done anything unusual with those cards in the months before bankrutpcy and clearly you have satisfied this requirement.