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

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Hi,
I currently have a mortgage of 375K and my house is worth 430K. I owe 50K in unsecured loans and credit card debt.

Am I eligible for a consumer proposal? My currently income is 100K. I don’t want to go into bankruptcy. or is it better to talk to each creditor and ask for lower rates.

Posted from: Alberta

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One Response to “options”

A licensed trustee said...

You should be able to file a consumer proposal, but you need to keep this in mind: when you file a proposal you need to offer your creditors the greater of (1) the amount the might receive if you filed for bankruptcy, and (2) about 1/3 of what you owe. The cost of filing bankruptcy is based on household size and income. Based on your income, you may be looking at a rather large bankruptcy payment – just be prepared to have to offer much more than a 1/3 when you file the proposal.

Whichever trustee you speak to will explain this in greater detail for you.