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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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scared and confused in Ontario

My take home pay is between 760 to 800 per 2 wks – my actual gross income is 1743.77 per 2 wks (I have a loan to a credit union that comes off my pay – rrsp`s – saving`s bonds – my rent is 920.00/month. I have credit card debts of over 50,000 – I am totally stressed – I am on medication for depression etc. What can I expect if I declare bankruptcy – as far as how much will I have to pay monthly and how long – I live alone. I also have a locked in pension plan that I cannot cash in to pay any of these debts – it was from a previous employer. Tks for any answers

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One Response to “scared and confused in Ontario”

Barton Goth GCO Bankruptcy Trustees said...

One of the downsides to a canadian forum such as this is there can be substantial differences in cost etc. between provinces.

This I can tell you, the filing of either a bankruptcy or a consumer proposal will likely help to alleviate this stress. The typical cost to file a bankrutpcy is somewhere around $200 per month for 8 to 12 months, but can vary depending of financial cirmustances.

So the best thing to do is to schedule a time to sit down with a local trustee to review these things.