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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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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Illness/Recovery

What happens if I file bankruptcy (my second, the last one was discharged in 2004) and then I inherit a significant amount of money? Am I given the option of paying the creditors and therefore getting out of bankruptcy status before the 14 years are up and therefore, regain a good credit rating?

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One Response to “Illness/Recovery”

A licensed trustee said...

When something like this happens you have a couple of options:

1) File a proposal to ypur creditors to repay the debt – if accepted your bankruptcy will be annulled (removed from your record); or

2) If you debts have been repaid in full you may apply to the Court and ask that your bankruptcy be annulled.

You need to contact your trustee and discuss what the normal practice is in your part of the country.