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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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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 or Credit Counseling

Question: I have $20K in unsecured debt. I earn good income $100K but previous discharged bankrupt so loans are high interest. I have been reading about credit counselling and consumer proposals. Neither is a great option but I think I need to choose. I am concerned though about the ability to negotiate for a reduction in amount owing on a proposal as well as what my potential monthly payment would be. I dont know how the surplus income rules would affect me or what I would pay monthly. could you help please. Thank you.

Posted from: Ontario

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One Response to “Consumer Proposal or Credit Counseling”

A licensed trustee said...

Credit counseling may be more appropriate in your case. If you offer your creditors a proposal, based on the information that you have provided, you’ll likely have to repay 100% of the debt. If that is the case, your payment will be lower in a credit counseling repayment plan.