Can you file a consumer proposal more than once?

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You can file a consumer proposal in Canada more than once, but you need to finish any previous proposals first. If a proposal is still active, court approval is needed to annul it. Creditors must also agree to the new terms, which may be challenging if past proposals didn’t meet expectations. If you have any questions, don’t hesitate to reach out via phone, text, or live chat. Not all trustees can be trusted.

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File Consumer Proposal More Than Once Question Question

Can you file a consumer proposal more than once? I’ve heard conflicting things, so I’m wondering if it’s possible to file a second consumer proposal if needed.

From: Anonymous Question
Location: Victoria, British Columbia (BC)
Category: consumer proposal

File Consumer Proposal More Than Once Question Answer

You can totally file a consumer proposal in Canada more than once, and there’s no official cap on how many times you can do it. But hey, there are some important things to keep in your back pocket. First off, make sure you’ve wrapped up any past proposals before hopping onto a new one. If there’s still an active proposal hanging around, you’ll need the court’s blessing, and the old one has to be annulled first. Plus, your creditors need to give the thumbs-up to the new terms, which might be tricky if they feel you’ve played a little too loose with previous proposals.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

Yes, you can file a consumer proposal more than once in Canada. The Bankruptcy and Insolvency Act allows individuals to make multiple proposals as long as they meet the eligibility criteria outlined in the act. There are no restrictions on the number of consumer proposals you can file, but keep in mind that each subsequent proposal will be subject to its own assessment by the licensed insolvency trustee and approval by creditors. Refer to the Bankruptcy and Insolvency Act, RSC 1985, c 11, Section 66.13 for additional details on this process.

From: OSB Helper

Related Questions to Can You File A Consumer Proposal More Than Once

Here are the top 5 most frequently asked questions related to filing a consumer proposal more than once, based on the provided sources and current trends:

1. Can you file a consumer proposal more than once?

Yes, you can file a consumer proposal more than once.

2. What are the consequences of filing multiple consumer proposals on my credit score?

Filing multiple consumer proposals can extend the time the proposal remains on your credit report and make it harder to rebuild your credit.

3. Can I file a second consumer proposal if I didn’t complete the first one?

No, you cannot proceed with a second consumer proposal if you have failed to make payments on the first one.

4. Do I need court approval to file a subsequent consumer proposal?

Yes, court approval is required for any subsequent consumer proposal, and the previous proposal will be annulled upon approval.

5. How does filing multiple consumer proposals affect my ability to obtain new credit?

Filing multiple consumer proposals can make it more difficult to obtain new credit, as lenders may view you as a higher risk and offer credit at higher interest rates or with strict conditions.

If you have a question about debt see our debt questions or ask your own debt related question.

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