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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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Consumer Proposal after Bankruptcy

I was wondering is it possible to make a consumer proposal if you have previously claimed bankruptcy (3 years ago)? Does the proposal process work any differently because of the bankruptcy? How would this affect my credit score? Thanks for the help.

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One Response to “Consumer Proposal after Bankruptcy”

A licensed trustee said...

Yes, it is possible to file a file a consumer proposal after you have filed a bankruptcy. The proposal would work the same way as if you had not filed for bankruptcy previously. Most credit reporting agencies in Canada don’t have a separate rating for a consumer proposal following a bankruptcy, but you would need to confirm directly with the credit bureau how the proposal would impact on your credit score (in most cases a consumer proposal remains on your credit report for three years after the proposal is completed).