Category Articles: Consumer Proposal in Ontario

If you have more debt than you can handle but don’t want to go bankrupt, a consumer proposal may be a great solution. In fact more than half of all personal insolvencies filed in Ontario are consumer proposals.

Whether you should file a consumer proposal will depend on your individual circumstances. In general, if you have assets that you would lose in a bankruptcy (such as a house or a car), or if you would be required to make significant surplus income payments in a bankruptcy, a consumer proposal may be the best option. If you have the income to support at least partial payments to your creditors, a proposal is worth considering.

Read more about consumer proposals in Ontario and your other alternatives to bankruptcy in our Expert Advice Blog articles below.

Can You Pay Off A Consumer Proposal Early?
By Bankruptcy Ontario Trustee
07 Oct 2013 | Category: Bankruptcy FAQ | Consumer Proposal in Ontario | Leave a comment
pay off bankruptcy early

It is possible to pay off a consumer proposal early, either with a lump sum payment or by accelerating your existing monthly payments. When you negotiate a settlement of your debts through a consumer proposal in Ontario, your creditors agree to how much they will receive in full settlement of…

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Can I Get A Loan While in a Consumer Proposal
By Bankruptcy Ontario Trustee
21 Sep 2011 | Category: Bankruptcy FAQ | Consumer Proposal in Ontario
qualification loan in consumer proposal

Once you file a consumer proposal (or personal bankruptcy) there is a note that goes on your credit report saying that you have filed a proposal.  So, when you apply for a loan and the lender does a credit check, they will know you are in a proposal, which makes…

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In A Consumer Proposal – Is Changing To Bankruptcy An Option?
By Bankruptcy Ontario Trustee
02 Feb 2011 | Category: Consumer Proposal in Ontario
bankruptcy or consumer proposal

Question: My wife and I are in the second year of a consumer proposal. She has recently lost her her job and acquired further debt over 40,000. Debt is in her name can she file bankruptcy in Ontario while still in proposal? Answer: Yes.  It is not uncommon to have…

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Should I File A Consumer Proposal Now Or After Judgement?
By Bankruptcy Ontario Trustee
07 Oct 2010 | Category: Consumer Proposal in Ontario
bankruptcy judgement court

Question: I have a judgment pending and in the meantime I am planning a consumer proposal. My question is should I proceed with the consumer proposal before the judgement or after the judgement? And what would be the difference before or after? Answer: In most cases, if you know that…

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