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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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reduction in wages

How will it effect my repayment amount if I make alot less than at the time of filing.

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One Response to “reduction in wages”

Barton Goth GCO Bankruptcy Trustees said...

This depends on whether you have filed a bankruptcy or a proposal.

If we are dealing with a bankrutpcy your payments may go down if you were previously paying surplus, or if you were simply paying the minimum there will be no change.

If we are dealing with a proposal there will really be no change as long as you are stil able to keep up with the payments. If you are not able to then there are 3 possibilities. First you could try to amend your proposal to spead the payments of a longer period of time(as we find creditors are not very likely to accept less than the original amount). Second alternative is to let the proposal default and deal with the creditors in normal course. Or the third alternative is that you could simply file a bankruptcy.

Either way, contact your trustee, discuss these alternatives with them and they will assit in determine what course of action will be best.