FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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No income!

Is it possible to file a consumer proposal with no income. Here is my situation.

In June 2004 my spouse and I filed a consumer proposal . At the time we were both working, but struggling. By the fall of that year, I had to quit my job to look after our children as my husbands new job required he travel, and financially we were better off. We paid the consumer proposal off early (in 18 months as opposed to the 36 months it was to be for).

The problem is my remaing debt. A student loan that is now 10 years old (finished studies in June 1995) in the amount of almost $30,000, and a debt to GMAC for mileage overage on a leased vehicle ($7000) that was solely in my name.

I thought of doing a bankruptcy, but am concerned about how much of my husband’s income and his savings they will take (as we have joint accounts). Can I do a consumer proposal with no real income?

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One Response to “No income!”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

Filing a consumer proposal in Canada if you are not in a position to fund the payments would only be possible if a 3rd party (i.e. your husband) was willing to fund the proposal on your behalf and enter into a 3rd party agreement with your trustee.

In the absence of this 3rd party agreement the proposal as without any confirmation of where the payments will come from the creditors would not agree to any arrangement.