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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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Consumer proposal repayment

If you were to enter into a consumer proposal that was accepted and for example the proposal was for 36 months, 6 months later your finacial situation changes and you could start paying off a larger amount of the debt that is owed, are you able to pay off the proposal earlier than the 36 months or are the payments locked in for the duration of the proposal?

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One Response to “Consumer proposal repayment”

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

While there may be some minor differences depending on how the proposal was worded, in most situations there would be no problem with you paying off the proposal early. However, I would confirm this with the trustee who would be responsible to make this determination.