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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 same as Bankruptcy

About 3 years ago I went with a company that consolidated all my personal charge card debts totaling close to 50,000.00. I have been making payments of 1025.00 a month and was told that I would be paid off after 5 years. I have been told that my credit rating shows up as me having claimed bankruptcy but I really haven’t. I am making all the payments on time. Would I have been better off claiming bankruptcy as I now live paycheque to paycheque and am finding it very difficult?

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One Response to “Consumer Proposal same as Bankruptcy”

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

Wheter or not you would have been better to file bankrutpcy is a question that is very difficult to answer without examining the specific details of your financial situaiton. However, I can tell you that a consumer proposal has a reduced impact on your credit in comparison to a bankrutpcy, both in severity and time. A Proposal lists an R7 for 3 years from completion and a banruptcy is an R9 for 6 years from completion.