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

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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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filing bankruptcy to unsecured debt

If I own real estate,valued at 70 000, under joint tennacy (my residence). Why do I have to hand over my share to the trustee in order to pay unsecured debt. I really don`t see any legal right they have to assets, because nothing has been pledge to them. Which attorneys have verified..

Posted from: Ontario

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One Response to “filing bankruptcy to unsecured debt”

A licensed trustee said...

The full legal description of filing for bankruptcy is “filing an assignment in bankruptcy for the benefit of your creditors”. You are voluntarily signing over your assets (like your share of your house) to your trustee in exchange for eliminating your unsecured debts. The act of filing for bankruptcy creates the legal right for your creditors to the things that you own.

Call a lawyer if you wish to confirm this, but the whole idea behind bankruptcy law is that you sign over your assets in exchange for eliminating your debts. If you don’t want to sign over your assets then don’t file for bankruptcy. Perhaps you should consider a proposal to creditors or a credit counseling program to deal with your debts.