Hello, I have a question regarding proposals. If I have a proposal and during that time I take a loan and it too becomes difficult to make the payments, is it possible to add that loan to the existing proposal? And if not, is it possible to cancel an existing proposal and make a new one that will include this loan (a secured loan)? Another question, is it possible to make a second amendment to a proposal (say I started at $450mo, than went down to $350 after getting it amended, but can't make those payments anymore and would like to request an amendment of $200.)?

Proposals cover debts incurred prior to the signing of documents. If you incur a new secured debt after the filing of a proposal, you can't amend to include it. There is a provision to amend a proposal if your situation changes during the proposal period, however, the amended proposal must be voted on by creditors. They would decide if it was worth accepting the amended proposal. Finally, if you are unable to continue your proposal then bankruptcy is still an option.

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca