Question: I know this may seem odd but I’m considering a Consumer Proposal to work on my debt crisis but in two months time I’ll be settling a personal injury lawsuit (with money coming to me).
How would this affect my standing and the Consumer Proposal?
Answer: When you file a consumer proposal or a bankruptcy you are required whether or not you expect to receive any lump sums of money in the next twelve months. So, if you expect to receive money in two months, you would be required to disclose the amount of money you would expect to receive.
If the money will be substantial, it may simply be best to wait until you receive the money and repay your debts in full. If you won’t have enough money to repay the debts in full, you could offer a proposal for a lesser amount.
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