consumer proposal elegibility and the legaslative amendments to the BIA

Posted on Tuesday, July 15, 2008

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Unfortunately I had to file for bankruptcy in 1997. While things were good for a while, conditions have arose and I am now in a bad financial position once again. In total I owe around around 115k.

The problem is that I want to do a Consumer Proposal, although I realize I am currently over the limit to file a consumer proposal. However, from what I have read there are some changes that will impact that limit coming into place. My question is should I wait for the changes or should i simply file a Division I Proposal?

Thanks in advance

Filed under: Consumer Proposals and Bankruptcy
 posted by Questions @ 7:22 am
1 Expert Comment:

 At July 17, 2008 | 3:10 pm , Barton Goth GCO Bankruptcy Trustees Said...

Whether or not you wait for the changes or not is something I am unable to tell you, but this I can say:

1. We have no indication as to when the changes will take place, although from the activity we have seen recently I would expect they should be fully adopted by November 2008;

2. If your cash flow won’t allow you to delay you can always contact a trustee and discuss the filing of a Division I Proposal. This is largely similar to the filing of a Consumer Proposal and will effect the same ultimate result.

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