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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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CP Vs Bankrupcy

If CP is refused, can we declare voluntary Bankrubcy?

Posted from: Ontario

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One Response to “CP Vs Bankrupcy”

A licensed trustee said...

Yes, you may. In fact, even after a proposal has been accepted and you’ve started making payments, you may still file for bankruptcy if your situation changes for ther worse…

Of course, if your creditors vote against your consumer proposal they almost always make a counter offer. So it may be possible to still negotiate a payment plan that works for you and your creditors will accept.

Your trustee should explain all of this to you BEFORE you actually file a consumer proposal.