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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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Payments after personal bankruptcy

If I declare personal bankruptcy, what are the payments for? Are they going towards creditors?? If they go towards creditors, how long will I have to make payments?? My understanding is that bankruptcy is to clear outstanding debt from all creditors and start fresh? How does one decide bankruptcy vs consumer proposal, if the debt is in excess of $75,000? How is my spouses situation involved?

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One Response to “Payments after personal bankruptcy”

A licensed trustee said...

The payments you make while bankrupt cover the trustee’s and government fees, and the balance of the money is distributed to your creditors.

To determine whether a consumer proposal or a bankruptcy is the best option, contact a licensed trustee to review your situation. They will also explain how your spouse is impacted by a bankruptcy, and what to do if your debts are more than $75,000.