Unsecured Debt Over $100,000 and bankruptcy

December 16th, 2006 by Questions

If a first time individual bankrupt has unsecured debt over $100,000 does the Act still allow them to proceed by Summary Administration and get discharged by their trustee?

Questions

One Response to “Unsecured Debt Over $100,000 and bankruptcy”



December 16, 2006 at 7:07 pm, A licensed trustee said:

Yes. A summary administration is the most common type of personal bankruptcy in Canada, and applies to a person with net assets worth less than $10,000. The level of debts is not relevant.

Of course other factors will determine how quickly you are discharged, including your income each month. For a full review of your situation, we suggest you arrange for a no-charge initial consultation with a licensed bankruptcy trustee.

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