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

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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 vs Bankruptcy

I am considering a consumer proposal. If I`m asked by any banking institute during or after the proposal if I`ve ever been bankrupt or declared bankrupt, do I say `yes` (is a consumer proposal `bankruptcy?), or do I say `no` and explain I have made a proposal? Thank you for your help.

Posted from: Newfoundland and Labrador

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One Response to “Consumer Proposal vs Bankruptcy”

A licensed trustee said...

As long as the credit application asks whether or not you have ever filed for bankruptcy then you should answer “no” if you’ve only ever filed a consumer proposal.

If the credit application asks whether or not you’ve declared yourself to be insolvent then your answer will be yes. I have never seen a credit application that asked if you’ve decalred yourself to be insolvent, but clients have told me they exist.

Good luck rebuilding your credit.