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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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debt forgiveness

(I am experiencing financial hardship due to health and I’m currently unemployed.)
I have aprox 32000.00 in unsecured debt.
Will a creditor obtain a judgement in this case? Can I still declare personal bankruptcy ? What other options do I have ?

Posted from: Alberta

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One Response to “debt forgiveness”

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

You can approach each individual creditor and discuss the possibility of them forgiving the debt, but it isn’t very common. Typically if you can’t work out a payment plan the creditors will try to take you to court. Now the exception is if you don’t have any income or property that the creditors can seize, then they may simply leave you alone.

If they don’t simply leave you alone, or if you do have assets or income that can be seized you can then look into orderly payment of debt, consumer proposal or potentially the filing of a bankruptcy. Now which one will depend largely on your situation, but to determine this you can contact a local trustee and they will be able to explain each of these in much greater detail.