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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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Early Proposal Re-payment

We are in a 5 yr. Consumer Proposal monthly repayment schedule. In there any advantage to paying off the balance early? (For example, will it speed up having our credit rating cleared.)
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One Response to “Early Proposal Re-payment”

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

You are right that the major advantage is that it will speed up having your credit rating cleared. Other than that there are some associated benefits like reducing uncertainty (i.e. if you loose your job in the future and the proposal is already paid off then there is less cause for concern) and reducing the number of payments you have to make each month, but past this you have it on the key advantage.