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| Author: |
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In Debt |
| Date: |
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September 8, 2003 |
| Question: |
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If a person goes into a proposal and then a year into the proposal finds themselves with no income, what happens to the proposal and the debt?
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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September 8, 2003 |
| Answer: |
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If default occurs because of non-payment of the amount required under the proposal, the proposal is annulled. Depending on the type of proposal you do, the anullment will either reinstate all creditors rights to pursue you for debts incurred prior to the proposal, or you will become bankrupt on the day the anullment is granted.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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