FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

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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Proposal or Bankruptcy

Can a spouse declare bankruptcy or do a proposal without it affecting the other spouse?

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One Response to “Proposal or Bankruptcy”

A licensed trustee said...

Sorry, but I can’t tell based on the information you have provided. There are two tests that you need to “pass” in order for your creditors to accept a consumer proposal.

The first is you need to offer your creditors a greater benefit (more money) from your proposal than they would receive if you filed for bankruptcy. The cost of bankruptcy depends on the things you own and your income.

The second test is less precise – you need to offer your creditors enough money in the proposal that they think it is worth their while. That seems to mean at least 30% of what you owe. If you owe $50,000 then your proposal will need to be for at least $15,000, unless bankruptcy will cost more than that.

Use the links to find a trustee in your area so they can review your situation in detail and help you decide whether or not a proposal makes sense for you.