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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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Eligibility to file

My parents have found themselves in some serious credit card debt. They are 74 years old and do not have any assets…are they eligible to file Bankruptcy?

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One Response to “Eligibility to file”

A licensed trustee said...

Yes, they are. Use the links on this page to find a trustee in their area and give them a call.

In case anyone is wondering exactly what the eligibility criteria are in order to file a consumer proposal or bankruptcy, they are set out in Section 2 of the Bankruptcy and Insolvency Act. I have summarized the requirements here:

1) Your debts amount to (at least) one thousand dollars; and

2) You are unable to meet your obligations (payments) as they come due; or

3) You have ceased making your payments as they come due; or

4) If the things that you own were sold there wouldn’t be enough money to pay off your debts.

As you can see, the requirements are not terribly stringent. Just because some one is eligible to file bankruptcy doesn’t necessarily mean it’s the right solution to their financial problems. If you think you’re in trouble make the time to speak to a financial professiona about your options before you commit to any procedure.