FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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Consumer proposal

If I defaulted on the payments on CP and went bankrupt, does the payments made already count in bankruptcy? and how?

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Posted from: Ontario

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One Response to “Consumer proposal”

A licensed trustee said...

No, they do not. The payments you made into your proposal “belong” to your creditors – there have been cases in the Ontario Courts which require the proposal trustee to distribute the funds received to your proposal creditors. It gets a bit strange if you haven’t paid enough to cover the basic costs of filing – the funds then end up paying your trustee, but it is how the law works. Sorry.