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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Bankruptcy and security deposits.

Are the following security deposits liable to be seized in bankruptcy?
1. Last month`s rent.
2. security deposit for phone service/cable.
3. refundable deposit made to rent tools.
4. security deposit paid to college.

These four are worth a total of 5000 dollars. Will I be forced to ask for a refund of these if I declare bankruptcy?

Posted from: Ontario

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One Response to “Bankruptcy and security deposits.”

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

Likely none of these will cause you any problems, but it is best to contact a local trustee and ask them directly. The only one’s that could be at risk would be the deposit to rent tools and possibly the deposit paid to go to college, but this depends on the amount and the circumstances.