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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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Bankrupsty or Not?

I am about $40,000 in debt and have gone and talked to a bankrupsty trustee. I am about to file but am very stressed at the thought of going bankrupt. I have just sold an asset worth $15,000 and I’m debating wether I should try and pay off as may debts as I can, and try to make payments to the others. My main problem is I am not working due to the recent birth of my son, and my common law parter has just started a new job. Do you think I should try to pay the debts myself or let the bankrupsty handle it? Also worried about needing some of the money to live off of.

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One Response to “Bankrupsty or Not?”

A licensed trustee said...

If you don’t have $40,000 and don’t expect to have enough income to repay $40,000 over the next few years, then trying to pay the debts off yourself will only create more problems.

If you have $15,000 in cash and you file bankruptcy, you will probably lose the cash.

Another option would be to find a trustee to do a lump sum consumer proposal. In essence you would offer your creditors a lump sum of $15,000 in full satisfaction of your debt.

I am giving you a general answer since I don’t have all of your information; however, this may be a viable option, and you should discuss it with your trustee.