FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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How can we help you?

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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Severence Pay and Bankruptcy

I lost my job and now have no income except for my severence package will I lose this money that I need to live on if I file for bankruptcy or is there some kind of account that I can put it in that is unseizable?

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One Response to “Severence Pay and Bankruptcy”

A licensed trustee said...

If you have money in a bank account beyond what you require for your imediate needs (for example this month’s rent) it will probably by seized if/when you file bankruptcy.

You have some control over this if you haven’t filed yet. That is, you might consider delaying your bankruptcy proceeding a few days (or weeks).

Unfortunately, we cannot provide you with instructions on how you might be able to “save” any of your severance – trustees cannot provide legal advice and that is really what you are looking for.

Good luck sorting out your situation – you may want to book an appointment with a trustee that operates in the area in which you live. Try doing a search on the net using the format bankruptcy city, where city is the name of the city in which you live.