Can you do a consumer proposal twice?

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In Canada, you’re able to file multiple consumer proposals since there’s no set limit. If you’re currently in a consumer proposal, you’ll need to wrap it up first and receive a completion certificate before jumping into another. Keep in mind, though, past financial missteps might affect your new proposal’s approval.

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_{File multiple proposals in Canada, but watch for credit impact.}

Credit Impact Question

Can you do a consumer proposal twice? I’d like to know if it’s possible to do a consumer proposal more than once in my lifetime.

From: Anonymous Question
Location: Ottawa, Ontario (ON)
Category: consumer proposal

Credit Impact Answer

Yes you can file a consumer proposal more than once in Canada, since there’s no cap on the number of proposals you can submit. Just remember, you’ll need to meet the eligibility requirements for each new proposal, and they can’t overlap. So, you’ll have to finish off your current proposal, nail down that certificate of completion, and then you’re back in the game. Keep in mind, though, your creditors will take a peek at your financial history, and if things went south with a past proposal, they might think twice before giving a thumbs-up to a new one.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

Yes, you can file a consumer proposal more than once in your lifetime. According to the Bankruptcy and Insolvency Act, there is no limitation on the number of proposals you may make, provided that each proposal meets the necessary legal requirements. Refer to the Bankruptcy and Insolvency Act, RSC 1985, c 41, sections 66.1 to 66.3 for specifics on consumer proposals and their requirements.

From: OSB Helper

Related Questions to Multiple Proposals

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

1. Can you file multiple consumer proposals?

Yes, you can file multiple consumer proposals.

2. How many times can you do a consumer proposal?

There is no legal limit to the number of times you can file a consumer proposal.

3. What are the requirements for filing a second consumer proposal?

You must obtain court approval for any subsequent consumer proposal, which annuls the previous one.

4. Do creditors have to approve a second consumer proposal?

Creditors will evaluate your ability to meet the new terms, and they may be less inclined to accept a second proposal if the first one wasn’t completed.

5. What happens to the previous consumer proposal if you file a new one?

Upon court approval of the new consumer proposal, the previous consumer proposal is annulled.

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

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