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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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Completed the Proposal

I had approx $40,000 debt in student loans (finished school in 1999). I have since completed a 5 year consumer proposal totalling $15,000. Now what happens? I have been told that I immediately owe the remaining $25,000. Do I file another proposal? Can I get the remainder forgiven? I am a single mother (no support) with a stable job. I am financially living paycheque to paycheque.

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One Response to “Completed the Proposal”

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

You are correct that you immediately owe the remaining $25,000. Now you could file another negotiate a repayment plan with the student loans departments to pay the outstanding balance in full or potentially enter into another proposal for the remaining balance. The advantage to the proposal is you would be able to freeze any interest on the remaining balance and probably end up with a more reasonable monthly payment.