I am $150k in debt. I have an extrodinary credit history as I have never missed or even been late for any payments. I am considering a proposal and I was wondering if my impeccable credit history will increase the likelihood of my creditors accepting the proposal. Thanks.
prior history and acceptance of consumer proposal
Posted on Wednesday, October 15, 2008
posted by Questions @ 9:12 pm
1 Expert Comment:
At October 20, 2008 |
12:53 pm
, Barton Goth, Trustee in Bankruptcy Said...
While it is always helpful if you have had a good history with your creditors, it doesn’t have as profound of an impact as you might think. This is because most institutions have a separate department that handels all their insolvency needs. Therefore it is a member of a department who likely has no prior experience with your file that will be the one doing the voting.
The exception to this general rule is if you have a negative relationship with the creditors. If you have a history of shoting matches or the like with a particular collector, these collectors from time to time have been known to contact the department that deals with the voting, express their distaste and try to sway votes away from the proposal. As a result we find the better the relationship the more likely the proposal will pass.
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