What Happens if My Financial Situation Improves During Bankruptcy?

What to Do if Your Finances Change During Your Bankruptcy

It sometimes happens that a person in bankruptcy has a dramatic change in his financial situation such as getting a promotion at work along with a great increase in pay. Perhaps, the person was out of work and then during the bankruptcy he got a high paying job. You have options.

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Pay more money in the bankruptcy

What happens if my financial situation improves during bankruptcy?Most first time bankrupts are in bankruptcy for 9 months and have to pay the minimum of $1,800.00 payable at the rate of $200.00 a month for 9 months. A person in bankruptcy has his income averaged over the first 7 or 8 months. If the required payments exceed $100.00 per month over the first 7 or 8 months, the bankrupt must make the monthly payments for 21 months rather than 9 months. You can find out the exact cost of a bankruptcy and how long you will be in bankruptcy at our bankruptcy calculator.

Convert your bankruptcy to a consumer proposal.

This may be to your advantage because a successful consumer proposal will cancel your bankruptcy. You also may end up making smaller payments in the consumer proposal. You should ask your trustee to give you various options so you can make the best decision. If you have any questions about this or other aspects of bankruptcy or consumer proposals you can set up a FREE consultation with our trustees, who are in every province and territory in Canada.


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I was feeling overwhelmed by my credit debt, constantly receiving calls and letters from debt collectors, which caused a great deal of stress. It seemed like there was no way out of this situation. However, I discovered Bankruptcy Canada while listening to my local talk radio station. This organization proved to be friendly, empathetic, knowledgeable, and professional, with extensive experience in their field.

During our initial meeting, they took the time to understand my debt and financial circumstances. They explained the various options available to me and helped create a personalized plan that would be most beneficial for my situation. With their assistance, I was able to avoid declaring bankruptcy by presenting a consumer proposal to my creditors. Fortunately, my proposal was accepted, and I am extremely relieved to finally be free of debt, all thanks to BankruptcyCanada. The burden on my shoulders feels significantly lighter now, and I truly believe that Bankruptcy Canada has the most skilled specialists in debt relief.