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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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Difference between bankcruptcy and consumer proposal

what is the big difference between consumer proposal and bankruptcy. Would i be able to get osap if i do consumer proposal? would i be able to sponsor my wife if i do consumer proposal ?

Posted from: Ontario

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One Response to “Difference between bankcruptcy and consumer proposal”

A licensed trustee said...

You may not sponsor your wife into Canada during a bankruptcy – if that is something you need/want to do then a consumer proposal will make more sense.

In regards to OSAP, unless you have defaulted on student loans in the past, neither procedure should affect whether or not you will be approved for OSAP. Check with the awards officer at the school to confirm all of this BEFORE you decide to file.