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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Consumer Proposal then Bankruptcy

My spouse and I are currently mid-way through a Consumer Proposal. We are considering paying it off when we get our tax refund this year.

My question is how long I must wait after paying off the Proposal before filing bankruptcy.

I am thinking of filing a bankruptcy without my spouse as I have two debts (one included in proposal and the other not…student loan over 10 years old…and GMAC).

Should I wait a period of time between the two?

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One Response to “Consumer Proposal then Bankruptcy”

A licensed trustee said...

There is no legal requirement for you to wait. In fact, you may file bankruptcy today to deal with the new debts and as long as your spouse maintains the proposal payments it will remain in place.

Admittedly, filing bankruptcy while in a joint proposal would be a very unusual thing to do… Can’t say as I’ve ever heard of someone doing it with the intention that their spouse would continue to make the proposal payments.

Unless you are dissatisfied with your trustee, why don’t you give them a call to discuss your current situation?