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A.JB Solutions

Phone: 514 313-6033
Toll-free: 1-866-481-3136
Email: josee@ajbsolutions.ca

Annulled Consumer Proposal Montreal

Annulled Consumer Proposal

The main reason for an annulled consumer proposal is a 3-month payment delay. If this happens, your proposal will be automatically annulled under the Bankruptcy and Insolvency Act. A consumer proposal can also be annulled if the court issues an annulment order, which is very rare.

When your consumer proposal is annulled, you will immediately lose the money that has already been sent to your creditors. Any debts that were partially repaid during the proposal period will no longer be taken into account, and you will have to start over from scratch.

All the interest, bills, and penalties that were included in the proposal will come back as if you had never filed one. Additionally, the annulment of the proposal affects your credit report and will remain on your record for 6 years.

Annulled Consumer Proposal Montreal

Options available to you

Here are the options you have if your proposal has been annulled:
1- You have 30 days following the annulment of your proposal to address your missed payment. To reinstate your proposal, you must pay the missing amount in full. If you miss the 30-day deadline after the annulment, we can request reinstatement in court. By explaining the reasons for your missed payments and ensuring that you can keep up with payments for your second proposal, the chances may be in your favor.
2- If you need more time to pay the debts due to the delay or if you have new debts to add, we can go to court to request permission to file a new consumer proposal.
3- Declaring bankruptcy should be considered if it is impossible to reinstate a consumer proposal and regain your protection against creditors. It is advisable to consult with us to analyze your financial situation in detail and see if this is the best solution.
Annulled Consumer Proposal Montreal

It is important to contact us as soon as you feel you might no longer be able to meet your commitments. Sometimes, a few answers to your questions may be enough to regain control of your finances.

Annulled Consumer Proposal Montreal

Contact us

For additional information on a consumer proposal in Montreal, schedule a meeting at our offices. We also have other offices in the region.
Our attentive and friendly approach, as well as our personalized advice, will help you regain financial stability and live without debt-related stress. Contact us for a free, no-obligation consultation at (514) 313-6033.
Note: Children are welcome during our meeting. We will provide them with surprises and candy, and they can draw while you’re here.

A.JB offers you the most
affordable option
for your financial problems.

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