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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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Proposal versus Bankruptcy

Does it hinder your chances at successfully filing for bankruptcy if you have not explored all other options prior, such as a consumer proposal?

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One Response to “Proposal versus Bankruptcy”

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

Not usually. The only concern that can arise is if you have fairly significant surplus during your bankruptcy and your file must go to court, if you could have filed a proposal but chose not to, the court may be of the opinion that you jumped to the bankruptcy to quickly and as a result order you to pay for a longer period of time (whereas the court may be more lenient if a proposal was attempted first).

This is quite an important point and I suggest you discuss this at length with a licensed trustee prior to making any decisions.