Can You Do A Consumer Proposal Twice?

Can You Do A Consumer Proposal Twice?

Can you do a consumer proposal twice? The answer to that will depend on whether or not you completed your previous proposal.

Your First Proposal Was Annulled

If your first consumer proposal was annulled due to your defaulting on your payments, then you won’t be able to file another one unless you obtain permission from the bankruptcy court. With the assistance of a lawyer, you can make an application to that court for an Order:

    • allowing you to complete the terms of your previous proposal (which would subsequently allow you to file a second proposal); or
    • allowing you to file a new consumer proposal which would include the creditors from your first proposal along with your current creditors.

Such an Order is at the discretion of the court – you will have to provide a reasonable explanation as to why you failed to complete the terms of your first proposal. Moreover, you will have to retain a lawyer to make the application on your behalf at your own cost.

Your First Proposal Was Annulled, But Then You Filed For Bankruptcy

If your first consumer proposal was annulled due to your defaulting on your payments, but you subsequently filed for personal bankruptcy to deal with the debts in your first proposal and you obtained your discharge from bankruptcy, then there won’t be any issues with you filing a second proposal to deal with your current debts.

You Completed Your First Proposal

If you completed your first proposal, there’s nothing stopping you from filing a second one. The only criteria you have to meet are the same ones you met when you filed your first proposal, namely:

    • You’re unable to pay your debts as they generally become due; and
    • Your debts, excluding the mortgage on your principal residence, don’t exceed $250,000.

If you want to work with a Trustee who will give you confidence and peace of mind that your consumer proposal is being dealt with in a professional manner, look no further.

Reviews of Our Services

Steve
Steve

Victor was quick to contact me and the consistent contact was amazing. Victor is really passionate about listening to my needs and it showed as his service with me was nothing short of an amazing experience. He went out of his way to meet on my sched and his attention to detail is exceptional. If yo

Erin Dunn
Erin Dunn

Victor and his team (Mary) were always extraordinarily prompt with their responses to any inquiries and went out of their way to respond to questions in detail. They were extremely helpful at all times, even after my Proposal was completed. VIctor is an excellent advocate for his client's needs and

S Bal
S Bal

I searched for a Trustee online and Victor was the only one who really sat down and listened to my issues. He explained to me what is to come in the next five years of my life and thereafter. Mary, his office assistant has been very helpful whenever I have questions. Thank you for helping me.

Roger Silva
Roger Silva

Victor and his team were amazing. Treated us with the upmost professionalism. Answered all our questions, took care of everything and turned an unfortunate situation and made it much less stressful. I highly recommend Fong and Partners. Thank you all for your support through the process.

Maricar Venturanza
Maricar Venturanza

Working with Victor Fong was great. We just finished our consumer proposal a week ago and the entire process was quite easy. Mary was amazing at answering all my questions and accommodating me when I had any questions or concerns. Her response time was impeccable. Our initial meeting with Victor wa

 

Contact Fong and Partners Inc., a member in good standing with the Better Business Bureau with an A+ Rating and  one of the 3 Best Rated Trustees in the Greater Toronto Area.

Phone: 416-260-3264

Email:   help@startingovertoronto.com