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

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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.

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Two questions about bankruptcy

I am unemployed and broke. If I file bankruptcy now:
1. How much cash will I be allowed to keep ?
2. How will the “don’t pay for a year” items ($1,700) that I acquired over a year ago be treated if I don’t have those items anymore ?

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One Response to “Two questions about bankruptcy”

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

Typically you will be permitted to keep enough cash to cover your normal living expenses for the month. Any additional funds will be distributed among your creditors. As for the â€œdon’t pay for a yearâ€ items, usually if these are more than a year old they are simply treated as assets and may be considered exempt depending on the total value of all your property and the allowable exemption that is available in your province. As a result I would suggest you discuss this at greater length with a trustee who is licensed in your region.