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Consumer Proposals
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Personal Bankruptcy
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Debt Repayment Options
- Do Nothing
- Debt Consolidation Loan
- Informal Agreement with Creditors
- Debt Management Program (DMP) - Offered through Credit Counselling Society
- Orderly Payment of Debts (OPD) - Offered through Money Mentors
- Consumer Proposal (debts less than $250,000, excluding principal residence mortgage)
- Division I Proposal (debts over $250,000, excluding principal residence mortgage)
- Bankruptcy
Do I lose my tax refunds in a bankruptcy?
Yes, for specific timeframes.
Tax refunds you are entitled to receive for the year of bankruptcy and any years prior to bankruptcy (if you haven't already received them) are paid directly to the bankrupt estate