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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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Length of Bankruptcy and amount of debts

Hello,
I live in Ontario.
Assuming I am not working and have not worked in about 4-5 months.
Does it matter how much I owe when determining the duration of my bankruptcy ?
For example, if I owe $100,000 will I be discharged after 9 months ?
What if I owe 250,000, will I be discharged after 9 months ?
That`s assuming I fullfill all my obligations with my trustee.
I currently do not have a trustee. This is just a hypothetical question.
Much apprectiate.

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One Response to “Length of Bankruptcy and amount of debts”

A licensed trustee said...

The maount of your debt does not generally impact the length of your bankruptcy, BUT the manner in which the debt was accumulated may.

For example, someone that has been out of work for two years and living off their credit cards will not be viewed in the same light as someone that has run up an equal amount of debt gambling.

We don’t focus on the debt – rather what caused the debt to accumulate.