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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- Will I be punished for making larger payments?

Hello. I am wondering if my financial situation changes and I am involved in a Consumer Proposal, if it is accepted to pay more than the required amount montly. For example, I may only be required to pay 150 monthly, but I get a new job or a raise and can afford to make payments of 250 monthly. Is this ok or does it jeopardize the proposal?

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One Response to “Consumer Proposal- Will I be punished for making larger payments?”

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

With a consumer proposal there is no problem with paying off the proposal at an accelerated pace. It doesn’t jeopardize anything, it simply benefits you as you will be able to pay things off at a quicker pace.