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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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To pay ..or not to pay

I have an appointment with a Trustee next week in order to file a Consumer Proposal. I have bills which must be paid prior to my proposal being filed and I was wondering if I should pay them or not? If I don’t, should I contact my creditors to advise them I will be filing a proposal?
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One Response to “To pay ..or not to pay”

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

If these bills are for debts that will be included in the Consumer Proposal then there is no value for you to make those payments and you are better off to inform the institution that you are in the process of filing a proposal. The only cases where you want to continue making the payments is if they are for essential services (i.e. power and water) and not included within the proposal or if they are for secured creditors (i.e. car loan) and you intend on keeping the items that have been pledged as security.