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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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Limits

Are there any differences if you file for bankruptsy for 10,000$ or if you file for 100,000$ or does it matter at all.

Posted from: New Brunswick

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One Response to “Limits”

A licensed trustee said...

Legally there’s no difference in your bankruptcy if you owe $10,000 or $100,000 or even a $1,000,000. They are all treated the same way.

BUT the more you owe the more likely one of your creditors are to take an active role in your bankruptcy – for example, if you owe $10,000 in taxes the government will not likely get involved in your procedure. If you owe $100,000 or more just in taxes they probably will…