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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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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PROPOSALS AND INCOME

If I do a proposal, how long do I have to submit changes in income. IE: If I get an increase in income how long down the road do I have to declare that? Do I have to do this for the entire 5 year term?

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One Response to “PROPOSALS AND INCOME”

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

In most situations you will have to submit monthly Income and Expense Statements and the associated proof of income to your trustee for the initial 9 months. However, at any time during the proposal you need not worry about an increase in income, as long as you can justify why the proposal was offered at the level it was and the creditors agreed to this the total amount you pay will not fluctuate with your income.