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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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Delaying filing of bankruptcy

I got into serious financial trouble late last year after an accident left me badly injured. I have stopped paying creditors starting February 2007. I had a discussion with a trustee in April 2007 regarding a Division I proposal , I put off taking any action on it till today. Today I was served a statement of claim by the creditor whom I owe the largest sum of money to. My questions are: Is it too late to file a Division I proposal now? Should I wait until the judgement to file a proposal? Will my delay in taking action affect my discharge if the proposal fails and I go into bankruptcy?
taking action affect my discharge if the proposal fails and I go into bankruptcy?

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One Response to “Delaying filing of bankruptcy”

Barton Goth GCO Bankruptcy Trustees said...

It definately is not too late to file the proposal, but it really won’t make much difference if you file before or after a judgement is obtained. In my opinion I would do it sooner than later but that is only because you will be finished the process that much earlier, but in terms of the end result judgment or not the debt will be cleared.