Is it possible to file a second proposal?
I filed for a proposal in June 2009 and lost my job a year later. After 13 months my proposal was deemed annulled because I missed three paymentsI now have a full-time job and I am wondering, can I re-open my file and reinstate my proposal?
The Bankruptcy and Insolvency Act states that you cannot make a second proposal to the same creditors where a previously filed proposal was deemed annulled, unless you have a court order granting permission.. For this, you will need to hire a lawyer, preferably an experienced insolvency lawyer.
Make sure you have your original documents, so the lawyer will have all the required materials. Lawyers do cost money, but in most cases the costs is small compared to the money saved once your proposal is complete and the remainder of your debt is discharged. We generally recommend that debtors save the equivalent of their proposal payments for several months, until they have enough to pay legal fees. This helps them to get into the habit of making monthly payments even before their new proposal is (hopefully) approved.
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Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.