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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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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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Best option – proposal or bankruptcy?

My husband and I have separated. Our debts are as follows:

In my name alone (business and personal): $20,300
My business loans w/husband as co-signor: $21,600
Husband’s name alone: $12,772
Joint debts: $9594
Mortgage: $52,427 (house valued at $75,000)

I would like to know if it would be best for us to consider bankruptcy (if so, do we file individually or jointly?) or should we consider a consumer proposal. He is employed making $65,000/yr and I am currently doing temp work at $12/hr and no longer running my business.

Thank you.

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One Response to “Best option – proposal or bankruptcy?”

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

This is a difficult question to answer in this type of forum as the province you live in factors heavily into the exemptions available and the overall cost of a bankruptcy or proposal. From the information you have provided it appears that you would be a good candidate for a proposal (I always believe you are best to make every effort to avoid a bankruptcy wherever possible), but it ultimately comes down to monthly cash flow and what you can afford each month.

My recommendation would be to contact a licensed trustee and have him assess you situation (there will be no cost or obligation to this). This will provide you with all the necessary details and put you in a position where you can determine financially whether a proposal or a bankruptcy would be the best fit for you situation.