December 16th, 2006 by Questions
If a first time individual bankrupt has unsecured debt over $100,000 does the Act still allow them to proceed by Summary Administration and get discharged by their trustee?
December 16, 2006 at 7:07 pm, A licensed trustee said:
Yes. A summary administration is the most common type of personal bankruptcy in Canada, and applies to a person with net assets worth less than $10,000. The level of debts is not relevant.
Of course other factors will determine how quickly you are discharged, including your income each month. For a full review of your situation, we suggest you arrange for a no-charge initial consultation with a licensed bankruptcy trustee.
Log in to Reply
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.