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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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Division 1 Proposal

I lost a High Salaried Position in April. I have now taken a a job as a Realtor – Full Commission and have been doing for 3 month. How long does one have to be in this kind of position before a Division One Proposal could be considered?

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One Response to “Division 1 Proposal”

Barton Goth GCO Bankruptcy Trustees said...

There is no hard and fast rule behind this and is largely up to the discretion of the local trustee.

Realistically all that has to be done is you have to have sufficient and stable enough of income that the creditors can be given some assurance of ability to fund the proposal.

The best thing to do is to contact a local trustee, explain your situation and ask if they can give you an idea if it would be possible. Likely you will find that as long as you have been steadily employed and can demonstrate you have landed on your feet it will be more likely than not you are eligible.