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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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newspaper

If you are declaring bankruptcy for between 400 000 and 600 000….does your name go in the papers to let all creditors know…I understand if it is a substantial amount they will sometimes have it in the paper…

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One Response to “newspaper”

A licensed trustee said...

The amount of that you owe does not affect whether or not an ad will be placed in the newspaper if you file for bankruptcy.

Ads are normally only placed if you have assets (things that you own) with more than $10,000 in net value. For example, if you had $20,000 in an RRSP your trustee will likely have to place an ad in the newspaper advising people that you have filed.

In extremely rare cases trustee and/or the Court have determined that it is in everyone’s best interest to place an ad in the newspaper, but I’ve only seen this done when the financial records of the bankrupt were so poor that it was impossible to determine who they owed money too.