FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

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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Bankruptcy or Consumer Proposal

I have some debts I need to be rid of. Which affects my credit rating worse, filing for bankruptcy or a consumer proposal?
Thanks.

Posted from: Ontario

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One Response to “Bankruptcy or Consumer Proposal”

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

The filing of a bankruptcy has a more severe impact on your credit than a consumer proposal. A bankruptcy has a R-9 that is listed with the credit bureau for 6 years from the date you have been discharged from bankruptcy and a consumer proposal gives you an R-7 that is listed for 3 years from the date of completion of the proposal.

However, the more long term impact of a bankruptcy is that each and every time you apply for a loan it will typically ask whether or not you have ever filed a bankruptcy previously, and as soon as you answer yes to this question it will be more difficult to qualify for a loan.