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CP refused what is the result

If a Consumer proposal is refused & no counter offer is made by financial institution , am i forced into bankruptcy.

Posted from: Quebec

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One Response to “CP refused what is the result”

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

If a consumer proposal is refused you can always make a counter offer to the creditors, you don’t have to wait for them to make a counter. However, if you are unable to get the creditors on board a bankruptcy is not automatic, but practically there aren’t a large number of other plausible options, so the result is many people do end up filing for bankruptcy.