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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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To be or not to be… Bankrupt.

Hi, my mom’s home will be put up for a power of sale soon due to her recently deceased HUSBAND’s debt (i.e. secured on a 2nd mortgage held jointly). Even after the home is sold, there is still debt left over. Should she go into bankruptcy? She has a small RRSP ($20K) inheritance sitting in a mutual fund from her BROTHER’s death back in September 2005. Will she lose that money if she goes into bankruptcy? She has no income, the inhertance money is currently being used to pay for monthly 1st mortgage payments, and I am currently supporting her other living expenses. Thanks.

P.S. It’s not a typo when I said both her husband and brother died recently.

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One Response to “To be or not to be… Bankrupt.”

A licensed trustee said...

Sorry for the delay – we seemed to have missed this one.

Based on what you’ve told us, I can’t tell you if your mother should file bankruptcy or not. The best thing to do is to use the links at the side of the page to find a trustee near where your mother resides and contact them directly. They will want to know who your mother owes, what she still owns (the RRSPs for example), her monthly income and her monthly expenses.

Generally trustees do not charge for their initial meeting (regardless of whether or not you will require their services) and most people find the sessions helpful.