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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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Bankruptcy versus Consumer Proposal

If a person has previously filed bankruptcy over 10 years age and now has cash flow issue and is contemplating consumer proposal, will filing a consumer proposal have the same effect on credit in the future as if there were a second bankruptcy filed?

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One Response to “Bankruptcy versus Consumer Proposal”

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

No, the impact on your credit for a second bankruptcy is that you will have a R9 listed with the credit bureau for 14 years from the date you are discharged. With a consumer proposal you will have a R7 listed for 3 years from the date your proposal is finished, regardless whether or not you had a previous bankruptcy.