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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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contemplating a consumer proposal

I’ve just started to read up on consumer proposal.It seems like a good option for us but I have a few questions.We are common law and not legally married,but have been together 13 years and have 2 kids.We also have our mortgage together.Are we able to do this together as a couple?Also will this affect our home ownership and/or car ownership?Our car is only a few years old but is paid in full.We do not want to lose our car.We are about $30,000 in debt.Also does the payment to the trustee come directly out of our bank account?
Thanks

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One Response to “contemplating a consumer proposal”

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

Whether or not you are able to file a joint consumer proposal is dependent on the composition of your debts. From the sounds of it I would assume you would be eligible but I would suggest you review the specifics with a licensed trustee and he would be able to give you a concrete answer. As for your home ownership and vehicle, as long as you are current on both the mortgage and the car loan there should be any issue with these, but if you are not current there is a much greater risk of loosing these assets. As for how the payments are handeled, this is up to each individual trustee.