FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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bankruptcy info

Hi,
If bankrupt, will I be able to keep my car, woth value of $50,000. As well how would I stand with findin employment in toronto. what are the main consenquences in general??

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One Response to “bankruptcy info”

A licensed trustee said...

The rules regarding cars and bankruptcy are different depending on where you live. In Ontario, you are allowed to keep a car worth up to $5,650 if you go bankrupt. If your car is worth more than that, you must either pay the difference to the trustee, or surrender the car to the trustee. If the car has a lien or loan against it, it is usually up to the lender to decide whether or not you can keep the car.

In most cases employment is not impacted by bankruptcy, however you should contact a licensed trustee to fully explore your options.