407 Debt
407 debt is erased by either a bankruptcy or consumer proposal!
If you have 407 debt be sure to tell your Licensed Insolvency Trustee so that the debt can be included in your consumer proposal or bankruptcy.
Shortly after filing your Licensed Insolvency Trustee will notify the 407 of your consumer proposal or bankruptcy.
If the Ministry of Transportation was previously notified of the failure to pay any portion of your 407 debt, the Ministry of Transportation will be promptly notified by the 407 of your consumer proposal or bankruptcy.
You may be removed from plate denial if:
- you have not incurred any new debt with 407 ETR for which you may be in plate denial since your assignment into Bankruptcy or filing of Consumer Proposal; and
- you have no other debts with the Ministry of Transportation (e.g. parking tickets) for which plate denial is in effect.
Conclusion
While it wasn’t always the case, individuals are now able to erase their 407 debt through a consumer proposal or bankruptcy. If you can’t renew your plates due to 407 debt, or are struggling with 407 debt in general, we encourage you to request a free consultation so that a Licensed Insolvency Trustee can review your situation and explain your options. We’ll take the time to review your unique personal situation at any one of our conveniently located offices and explain your options to you. Get the facts, and make an informed decision about dealing with your debt. We’re licensed by the Federal Government and solve debt problems like yours every day. What are you waiting for? You’ve got nothing to lose except your debt!