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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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Bankruptcy & Pensions

I am 65 years old and am living on my pensions. They are Ontario Govt. pension of $510/mon, a CPP of $595/ mon, OAS pension of $442/mon, and WSIB Life disability pension of $240/mon. net. Of these $100/mon. is withheld for Inc. Tax from the Ont. Govt. pension and the WSIB is not taxed.

I want to know, if I file for bankruptcy, are my pensions exempt, or if not, what are the dispositions on them?

Thank you,
P.

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One Response to “Bankruptcy & Pensions”

A licensed trustee said...

Pensions are not exempt in a bankruptcy. While bankrupt, you are required to pay to the Estate a portion of your income. The exact calculation depends on your income and the size of your family. I suggest you Contact a Trustee for advice on your specific situation.