APRIL 27, 2020 UPDATE
An order of the Superior Court of Ontario, on application of the Office of the Superintendent of Bankruptcy was passed on April 27, 2020 that allows individuals who filed their consumer proposals prior to June 30, 2020 the ability to miss three additional payments before their consumer proposal is deemed annulled.
Normally, if you fall three payments behind your consumer proposal is deemed annulled.
Now, as a result of the COVID-19 pandemic, you can miss an additional three payments between March 13, 2020 and December 31, 2020 before your proposal is annulled.
In other words, falling five payments behind is o.k., but if you fall six payments behind your consumer proposal will still be annulled.
Keep in mind, all missed payments must be caught up prior to the completion of your consumer proposal.
If you’re currently in a Consumer Proposal, please know:
If you’re in a Division 1 Proposal (more than $250,000 in debts) please contact us with any payment questions as different rules apply.
If you’re currently bankrupt, please know:
The most important thing is to communicate with us so that we can work together while we overcome this pandemic together.
Please direct any payment requests in writing to email@example.com.
Thank you, stay healthy.