FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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When to start a bankruptcy?

I lost my job early February and just started getting EI. I`m having no luck finding a job. I borrowed some money off a family member and I`ve been using that to pay on my credit card bills, but the money that is left won`t even cover all of my April credit card payments and I`m just paying the minimum.

Is it correct that I have to owe $1000 to the credit card companies before I can file for bankruptcy? If so I would have to wait out 2.5 months before I could file. Is there any point in even contacting the companies before it were to get to this.. if indeed it is $1000 owing?

I`m one of those people who found myself in the big hole I dug, a couple paychecks away from a financial disaster.
I`ve looked into all the other options on here and at this point cannot afford to do anything but file for bankruptcy.

Thank-you for your time.

Posted from: British Columbia

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One Response to “When to start a bankruptcy?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

To be eligible to file bankruptcy you have to owe at least $1000. This is not to every individual creditor but to all of your creditors. Additionally, if you owe less than $1000 I wouldn’t recommend filing for bankruptcy as the minimum cost is likely greater than the amount you owe (the minimum often ranges from around $1600 to $2000 depending on the circumstances).