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

I have a couple of questions please:

1-Does a credit card with a zero balance have to be included in a proposal?

2-In your experience, will creditors accept a proposal which offers them less than 50% of what is owed even if that means getting more than if the individual files for bankruptcy?

Thank you..

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One Response to “Consumer proposal”

Barton Goth GCO Bankruptcy Trustees said...

Both GST and PST are debts that can be included and cleared through a bankruptcy or a proposal. As for the percentage recovery that is offered, in this case it sounds as if GST and PST will both be considered unsecured debts and share equally with all other unsecured creditors in any money made available for distribuiton.

The best thing to do is to simply contact a local trustee and with their help you can determine what a reasonable offer to your creditors would be.