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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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Should I file for Bankruptcy

I have over $16,000 in credit card debt. I only work part-time and barely make enough for my monthly payments. Should I file for Bankruptcy?

Posted from: Ontario

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One Response to “Should I file for Bankruptcy”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

This is a difficult question to ask without sitting down and reviewing things in greater detail. However, it sounds like you may not have much choice. For me the key always comes down to cash flow, do you have enough money to cover you costs of living and your debt payments. If you cannot, is there a way to increase you income or decrease your cost of living and if so will it be sufficient to allow for your debt payments.

If the answer to the above questions is no, I would strongly recommend that you consult with a local trustee, have them review your situation in depth, find out how a bankruptcy operates and will impact you before making any decisions.