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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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Melanie

Hi,

I filed a comsumer proposal in March 2009. I have a current income, net of 3200 a month. I have 3 dependants at home, I am single and the sole income earner. I have a Jeep that I cannot afford and would like to give it back to the bank. I inhereted it as part of my separation, but was never a vehicle I drove or payed for but was in my name so I am stuck with it. If I declare bankruptcy due to the Jeep, what happens to my proposal and what I have paid thus far and what will my payments be based on my monthly income and the fact that i have rent, child care and 3 children at home with me which I must also support. Thanks

Posted from: Ontario

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One Response to “Melanie”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you declare bankruptcy what would happen is the filing of the bankruptcy would serve to annul the consumer proposal. All the monies you paid into your consumer proposal would then be distributed according to the original terms of that proposal.

Then in a bankruptcy you are starting a new filing. Your payments would be different then in the proposal and you are correct, they would be based on your net income and the number of people in the household.