FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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in the meantime

What happens to bank accounts and wages, money to live on, during the period while one is awaiting the creditors answers to a consumer proposal? Once a proposal is submitted, does one stop making the minimum payments? At what point should I consider opening a new bank account to pay my utilites and living expenses?

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2 Responses to “in the meantime”

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

Once you have decided to file a consumer proposal in Canada there is no value to continuing to make the minimum payments and once the proposal is filed you legally should not make any additional payments to the creditors as they no longer have any right to receive payments from any source except the trustee and according to the terms that are listed within the proposal.
As for a new bank account, open it immediately. I always recommend you open it prior to filing a proposal as it simply makes your life easier.

Anonymous said...

After reading this, I think I may have made a mistake. One of my credit cards showed a balance of $33 because I pay to sponsor a child overseas.

I am now paying for the child thru my bank account but didn’t feel right not paying the credit card company as this was the only thing owing on that card. Am I in trouble now for doing that? They still send me statements. Should I call them to say I am in bankruptcy? I listed them on my sheet when we filed, but I did not think I owed anything at the time as I thought it would go through the bank before the next payment. What do I do now? I have felt so much remorse since filing….help!