Question: I recently undertook to do a consumer proposal, but was unable to find the funds within the time frame allowed. My financial circumstances have now changed and feel I could re-do the proposal.
Having failed to meet the deadline, how long do i have to wait in order to re-write the proposal?
Answer: Under current rules a consumer proposal is a one-shot deal. If the proposal is rejected by the creditors, or if you fail to meet the terms of the proposal and it fails, you cannot file another consumer proposal for the same debts.
The only way to file a second consumer proposal would be to go to court and get permission from the Bankruptcy Registrar to file another proposal. You would be required to provide an explanation of why the original proposal failed, and why you believe this proposal will be successful. Your proposal administrator can provide you with more information.
