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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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Bankruptcy while in a proposal

I filed a consumer proposal in April of this year and I`m currently making my monthly payments toward it. I have significant student loans that will become more than 7 years old this fall. Because when I filed my proposal the loans were less than 7 years old, my understanding is that they will survive the completion of the proposal. Is it possible / prudent for me to file bankruptcy this fall when my student loans will become more than 7 years old? Would this extinguish all my debt at the end of the bankruptcy? I have never been bankrupt before. Thanks.

Posted from: Ontario

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One Response to “Bankruptcy while in a proposal”

A licensed trustee said...

You certainly have the right to file bankruptcy while in a proposal and (assuming you are discharged) the student debt will be discharged along with yoru other debts.

Of course, the student debts will likely be discharged now when you complete your proposal – I think you should contact your trustee and review your option to determine if you should finish your proposal or consider bankruptcy in the fall.