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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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Proposal or Bankruptcy?

Hi, I would like to know if I have debt over 280K (credit line, credit cards and store cards) have a job but can not make full payment the option would be bankruptcy or filing a proposal?
thanks

Posted from: Ontario

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One Response to “Proposal or Bankruptcy?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Whether or not the filing of a bankruptcy or a proposal would be better for you is difficult to determine with such limited information. But those options are definately available in a situation like this. To determine whether the bankruptcy or proposal is better suited to your situation I would recommend that you contact a local trustee. They will help you to determine what type of offer would have to be made in a proposal, whether it is feasable given your current circumstanes or whether a bankruptcy would be preferable.