Free Consultation

Mr. Bevakoof

I recently read that a Trustee opposed the bankruptcy because the applicant was trading when he was insolvent.

I also made that mistake and now I have to file for bankruptcy. If the trustee opposes my bankruptcy and I am not allowed to declare bankruptcy, what will happen? The only assets I have is RRSP worth $18000, last contribution being more than 2 years ago and a vehicle worth less than $5000? I am employed with the fed govt and make $47000 per year.

Posted from: British Columbia

One Response to “Mr. Bevakoof”

A licensed trustee said...

Opposing your discharge does not mean the Court will refuse to grant one – in most cases, the opposition results in your bankruptcy being extended and your payments increased.

I don’t know the practice in BC, but in Ontario this sort of opposition would result in repayment of between 10 and 20% of your debt. You’ll need to speak to a trustee in BC to find out what the Court there does in such cases.