Left Credit In Limbo, What are my options

January 19th, 2012 by Questions

I initiated my bankruptcy in 2005-04, However I failed to make financial reports and pay the surplus. After failing to do so my trustee closed my file and sent me a letter saying it would cost me an extra $1000 to get discharged… This was a long time ago and I was young and stupid and could barely make ends meet.

What are my options now to get my credit fixed? I make good money now and the surplus payment would be considerable. Can I change my mind and do a consumer proposal after this long? Do I have to see the same trustee or can someone take over my case? If I proceed with the bankruptcy would the surplus payments be based on what I made the first year of my bankruptcy or what I make now?


Posted from: Ontario


One Response to “Left Credit In Limbo, What are my options”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

You have two choices. The first is to have your original trustee reappointed, comply with all of your original duties, have the trustee go to court and request a discharge. This sounds simple, but the process ends up being fairly complicated. For reference you can expect there to be a cost to have the trustee reappointed and potentially the court may institute a penalty for failure to comply with your duties on a timely basis.

The second option is to file a consumer proposal. The filing of a consumer proposal will serve to annul the bankruptcy.

Either way you need to contact your original trustee, it would be inappropriate for another trustee to get involved unless the first trustee refused to be of assistance.

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