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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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never ending debt

I have $35,000 in credit card and bank debt and am able to make minimum payments but will never reduce my debt level. can i file for bankrupcy before i am unable to make my payments or do i have to wait until i am in serious trouble?

Posted from: British Columbia

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One Response to “never ending debt”

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

Yes, as long as you owe greater than $1000.00 you can file for bankruptcy. But I would recommend that when you discuss things with a local trustee you should make sure to discuss the possibility of a consumer proposal. You may find that this proposal idea will help you to deal with your debt but also avoid some of the more serious consequenses of filing for bankruptcy.