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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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bankruptcy & proposals

Does a proposal fall under the Bankruptcy Act? Is it part of the Bankruptcy Act?

Can a trustee encourage/or discourage a person to go with either choice?

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One Response to “bankruptcy & proposals”

Barton Goth GCO Bankruptcy Trustees said...

Yes, a proposal falls under the Bankruptcy and Insolvency Act, it is a specific legislative mechanism that can allow some peopls to avoid having to file a bankruptcy

As for the trustee’s role, definately he can try to influence a persons and typically this is done based on how likely the trustee feels the proposal will be accepted, liklihood that the proposal will be accepted by creditors or any type of similar reasoning.

However, remember it is ultimately your decision.