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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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Fees

I recently made an appointment with a Debt consultant regarding my financial situation. It was recommended that a Consumer Proposal would be in my best interest. I was surprised that I would have to pay the Debt consultant $2000 in fees in order to go ahead with the proposal. I had never heard of this and thought the fees were absorbed in the proposal. Could you clarify the cost of a consumer proposal to the individual. Thanks!

Posted from: Ontario

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One Response to “Fees”

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

The problem is that you met with a debt consultant instead of going directly to a licensed trustee. In order to be legally qualified to administer a consumer proposal you have to be a licensed trustee. Now if you went directly to a trustee then all the fees are absorbed in the proposal as you thought, it is only if you employ the help of an outside agent will you be charged anything in addition. So my recommendation, contact a local trustee, arrange for a free consultation and file the paperwork directly with the trustee’s office. This will save you the $2000.00 or whatever the consultant’s fee is.