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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Pay off a Consumer Proposal early?

Is it possible to pay off a consumer proposal early. My spouse and I filed a joint proposal and there are several months left on it. I am considering filing bankruptcy but do not want to include my spouse. Is it possible to pay off the consumer proposal ahead of time and then file for a single bankruptcy myself? I am currently unemployed but if we filed a joint bankruptcy our surplus payments would be high due to my husbands income. The debt that remains after the proposal is solely in my name (student loan over 10 years old and vehicle)? Input please.

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One Response to “Pay off a Consumer Proposal early?”

A licensed trustee said...

Yes, you can pay off a consumer proposal early. The administrator of your proposal can give you more details, and advise on whether or not a bankruptcy makes sense in your case, based on the facts of your situation.