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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recently acquired debt

I acquired some debt just a couple of months ago. I sincerely believed I would be able to pay it, but even more unexpected expenses have come up since the last loan. Within the next month to two months, I won’t be able to pay everything. Can I apply for a Consumer proposal even though I recently borrowed money?

Posted from: Ontario

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One Response to “recently acquired debt”

A licensed trustee said...

You may be required to repay in full any debt you acquire in the 3 months immediately preceding a consumer proposal (or bankruptcy). At the very least, you will be required to provide a detailed accounting of what you did with the money to determine if you have acted appropriately.