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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

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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Can a bankruptcy be converted to a consumer proposal?

Can a bankruptcy be annulled or converted to a consumer proposal depending on financial circumstances changing?

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One Response to “Can a bankruptcy be converted to a consumer proposal?”

Doug Stuive, CA | Trustee | CIRP said...

A bankruptcy can definitely be converted to a consumer proposal if the financial circumstances improve. This can happen when a bankrupt comes into an unexpected large sum of money, or if their household income increases and the bankruptcy would require large surplus income payments. It often benefits the bankrupt to covert their filing to a consumer proposal, which annuls the bankruptcy once it is completed. Throughout the bankruptcy process the trustee will monitor your income and expenses and would be able to recommend whether this option would benefit you.