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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 denied?

I am considering filing a consumer proposal. I am unemployed, but my husband is willing to enter into a third party agreement to pay the proposal. My concern is this, if the proposal is not accepted, am I automatically forced into bankruptcy?…or can I just continue to not answer the phone?

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One Response to “Consumer Proposal denied?”

Barton Goth GCO Bankruptcy Trustees said...

There are 2 types of proposals. The standard one is referred to as a consumer proposal and you qualify for this type if you have less than $75,000 in non-mortgage debt. If you file a Consumer Proposal there is no automatic bankruptcy provisions should the creditors not cooperate (although this is rare, we find most proposals are successful).

The other type of a proposal is referred to as a Division I Proposal, it is ultimately for those who don’t qualify for a Consumer Proposal and it contains an automatic bankruptcy provision.

The best thing to do is have your situation reviewed by a local trustee, have them give you an idea of what a reasonable amount to be offered is and confirm what type of administration it would be (i.e. is it a consumer or a div I that you would be looking at).