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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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avoid bankruptcy?

i declared bankruptcy in 2004, i am in the same situation, can i avoid a second bankruptcy thru a consumer proposal

Posted from: New Brunswick

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One Response to “avoid bankruptcy?”

A licensed trustee said...

Yes, you may be able to do that. One of the reasons that consumer proposals were created was to allow “repeat” bankrupts another option. The amoutn you will be required to offer your creditors is the greater of these two things:
1) the amount you would have to pay into a bankruptcy;
and
2) an amount sufficient to entice your creditors to accept your offer. Currently that is about 1/3 of what you owe.

So, use the links of this site and contact a trustee in yor area to see if a consumer proposal will work for you.