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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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Difference between proposal and bankruptcy

Is there a difference as to how a proposal and a bankruptcy is recorded on your credit report? Surely it makes a bit of a difference if you are at least trying to pay back your creditors with a proposal?

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One Response to “Difference between proposal and bankruptcy”

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

Yes there is a difference. A first bankruptcy is listed at an R9 for a maximum of 6 years from the date you are discharged. A proposal is listed at an R7 for a maximum of 3 years from the time you successfully complete a proposal.