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91
Consumer Proposals / Re: Experience with President's choice
« Last post by Rajput way on February 20, 2018, 01:24:39 PM »
 :D prior to meeting starting, RBC was only one who voted, approved. Trustee was going to go ahead with that it was accepted. Then a vote came in as we were sitting there, after 10:00. It was CIBC on behalf of Simplii, voting no to my proposed $300/mo. They indicated they'd accept $340/mo which I quickly accepted. Signed amended proposal. Just awaiting confirmation from CIBC via trustee.

Woohoo! So happy I'm not bankrupt!
92
Consumer Proposals / Re: Experience with President's choice
« Last post by nishgupta29@gmail.com on February 20, 2018, 12:29:16 PM »
Hi no i have not filed yet.
Will file in couple weeks i guess.
Keep us updated regarding the meeting.

Thank you. The two hour countdown has begun. I'm a nervous wreck! I appreciate your support very much.

Op, have you filed your proposal yet?

I'll definitely post my outcome today after the meeting. If the proposal isn't accepted I hope to file an amendment to avoid bankruptcy. Someone viewed my condo to purchase yesterday and hopefully will be back this week to view again with family members. If condo sells, I wouldn't have to go through a division one....hopefully, the division one could be annulled then and replaced with an ordinary consumer proposal, eliminating a forced bankruptcy. With luck, the division one will be accepted today!
93
Consumer Proposals / Re: Experience with President's choice
« Last post by Rajput way on February 20, 2018, 10:13:58 AM »
Thank you. The two hour countdown has begun. I'm a nervous wreck! I appreciate your support very much.

Op, have you filed your proposal yet?

I'll definitely post my outcome today after the meeting. If the proposal isn't accepted I hope to file an amendment to avoid bankruptcy. Someone viewed my condo to purchase yesterday and hopefully will be back this week to view again with family members. If condo sells, I wouldn't have to go through a division one....hopefully, the division one could be annulled then and replaced with an ordinary consumer proposal, eliminating a forced bankruptcy. With luck, the division one will be accepted today!
94
Consumer Proposals / Re: Experience with President's choice
« Last post by nishgupta29@gmail.com on February 20, 2018, 09:41:25 AM »
Best of luck buddy for today's meeting.
Everything's gonna go well.

The creditors meeting is Feb 20. The 19th is Family Day in AB where I live and also in ON where most or all creditors offices would be. To my knowledge, no creditors have voted yet. That leaves only a window of a couple of hours on the 20th to receive any votes in advance of the meeting.

My big question at this point, which of course hasnít been answered by my trustees office  :-\, is: what if a quorum of creditors doesnít vote at all? Is it automatically accepted as would be the case in a regular proposal, or automatically declined and Iím deemed bankrupt?

Tic toc......waiting with bated breath for meeting on the 20th.
95
Consumer Proposals / Re: Experience with President's choice
« Last post by Rajput way on February 19, 2018, 09:56:07 AM »
Oh oh, I think I've found confirmation of my fears:

"Unlike in a Consumer Proposal, in a Division I Proposal the creditors must vote to accept the proposal Ė 51% of the number of creditors who hold 2/3 of the dollar amount of proven creditors must vote in favour of accepting the proposal. If this plateau is not reached the debtor has the option of not acting and becoming bankrupt or amending the proposal and offering more money per month or perhaps the same amount, but over a longer period. It is not uncommon for the meeting of creditors to be adjourned to allow time for negotiations to take place."
96
Consumer Proposals / Re: Experience with President's choice
« Last post by Rajput way on February 19, 2018, 09:43:04 AM »
This is the most detailed explanation of division one approval I've found:

"In order for a Div 1 Proposal to be approved Ė of those creditors covered in the Proposal who vote Ė over 50% of them must vote to accept AND those votes for acceptance must represent more than 66.6% of the dollars owing to all of those creditors who voted. In addition, the Court must then approve the Proposal before it is officially binding."

It doesn't appear that creditors who don't vote are categorized as approved. Which is what concerns me.

Just over 24 hours now till I find out.
97
Considering Bankruptcy / Re: Div 1 proposal filed - name on dad's chequing accounts
« Last post by Rajput way on February 18, 2018, 09:38:37 PM »
Yay! Thanks for pointing that out!!!
98
Consumer Proposals / Re: Experience with President's choice
« Last post by Rajput way on February 18, 2018, 09:36:03 PM »
Is that referring to Division one proposals as well, or under "consumer proposal" ( meaning division two)?  Hoping it's the former! Thank you!
99
Consumer Proposals / Re: Experience with President's choice
« Last post by Wetcoaster on February 18, 2018, 02:12:47 PM »
The creditors meeting is Feb 20. The 19th is Family Day in AB where I live and also in ON where most or all creditors offices would be. To my knowledge, no creditors have voted yet. That leaves only a window of a couple of hours on the 20th to receive any votes in advance of the meeting.

My big question at this point, which of course hasnít been answered by my trustees office  :-\, is: what if a quorum of creditors doesnít vote at all? Is it automatically accepted as would be the case in a regular proposal, or automatically declined and Iím deemed bankrupt?

Tic toc......waiting with bated breath for meeting on the 20th.

From this website....

Acceptance of your proposal by your creditors is ďassumedĒ in any case where the creditor does not actually vote to reject.
100
Consumer Proposals / Re: Equifax Credit Monitoring
« Last post by Jennykk on February 18, 2018, 12:33:16 PM »
Yes Jennyk my income is high enough that when it came to a consumer proposal or bankruptcy the excess of income would have had me paying back nearly 80 some odd percent of what I owed so my consumer proposal had to be slightly more attractive, hence the 90 percent.

As I said it all depends on ones income and debt load. not everyone pays back at a 30-50 percent rate.

oh well its all in the past. onwards and upwards

That's true. Move along and start anew!
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