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Alger & Associates personal bankruptcy services are
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Bankruptcy Calgary Edmonton Q&A Forum

Question:

 

what happen if a creditor was missed not listed on proposal? What happened if the proposal agreement cannot be reached? Do I need to file for bankruptcy right away or will I have time trying for other options?


From:

 

Grant Thornton Limited

Date:

 

May 22, 2015

Answer:

 

Hi Ashley, Once a consumer proposal is filed, the creditors have 45 days to file a proof of claim and a voting letter stating if they are willing to accept the payment term proposed. If no claims or votes were filed within 45 days then the proposal is deemed accepted. However, if creditors do not accept the proposal and no agreement can be reached within the 45 days then there is a meeting of creditors. In the event that no agreement can be reach at the meeting of creditors than the proposal is considered rejected. A bankruptcy does not need to be filed right away unless there was a garnishment order in place. You will still have time to review your other options. If a creditor was missed from the initial preparation of the consumer proposal and the proposal is still ongoing then you notify your Trustee and they will provide notification to that creditor right away. Hope that answers your concerns. If you would like to discuss this further please do not hesitate to contact our office.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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