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

"*" indicates required fields

X/Twitter

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*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.

This field is hidden when viewing the form

Source

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Bankruptcy easier than consumer proposals?

It seems like it’s more beneficial to file for bankruptcy than it is file a proposal, etc, for debts. It looks like a bankruptcy is over a lot quicker than a proposal, where you have to pay perhaps for years.

Am I mistaken?

Thanks

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Bankruptcy easier than consumer proposals?”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

This really depends on the circumstances you are facing. For instance, if you have some surplus income a proposal may be a better option as there may be significant uncertainty when it comes to a bankruptcy as the court, due to the higher income, may order payments to continue for an extended period of time. Other times a proposal is done to enable the debtor to keep a number of assets that they may have lost during a bankruptcy. As you can see, what options works best is highly dependent on the situation at hand and I recommend clicking on the contact an expert link and discussing the ramifications of a bankruptcy vs. a proposal with a trustee in your local area.