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

"*" indicates required fields

Name

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Spending before Bankruptcy

I am thinking of filing for bankruptcy.
I owe 9000.00, have a limited pension income which is almost completely taken up by the retirement home I was forced (by the doctor) into.

My questions are:
1. Should (Could) I enjoy life a little first by taking out a little more on credit, i still have credit available.
2. If I declare bankruptcy for 20,000 or 9,000 does it really matter?

I don’t expect my credit rating to EVER be the same but I don’t have much longer to live and I have zero assets.

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Spending before Bankruptcy”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

Any use of credit prior to bankruptcy is extremely risky. If you know you are going to file (as it sounds you have little choice), you are much better off to simply destroy your credit cards and go see a licensed trustee.

It is not impact on credit that is at risk if you use those cards in the preceding months before a bankruptcy, but the question as to whether or not the debt will be released by a bankruptcy. If it can be demonstrated that you purposely ran up debts by making unusual transactions prior to bankruptcy there is a very good likelihood that the court order that you entire credit card survive the bankruptcy and could be a reason for which the court would refuse to grant you a discharge from bankruptcy.