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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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Proposal then bankruptcy

Hello,

We currently have a consumer proposal. We find the payments are too high for us to pay. Bankruptcy is our next option but we just aren’t sure about it yet.
Can we stop our proposal, wait a couple of months and then go into bankruptcy if that is what we decide?

Thanks for your help.

Posted from: New Brunswick

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One Response to “Proposal then bankruptcy”

A licensed trustee said...

You really should call your trustee and explain your situation – they can advise you on your options and what makes the most sense for you.

Having said that, if you fall three payments in arrears in your proposal it will be annulled (cancelled). You have the right to file bankruptcy at any time (even now if you want), but most people wait until their proposal has been annulled to give them some time…