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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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Considering bankruptcy

I am a 53 year old male who was seriously injured in an industrial accident several years ago and am now on permanent disability. My income is about $800 per month and my only asset is my home. It has appreciated in value and is now worth about $250,000 and I owe $70,000 on it through a line of credit (joint with my separated wife). Since this is insured, it is the only life insurance I have so I do not want to discharge this debt.
My wife and I separated about 5 years ago and I let my finances get out of control in the immediate aftermath. I have tried to pay off what I could, but I have a debt to MBNA of about $7,000 which they are pursuing against me. This was a debt incurred by someone else for whom I cosigned and then he died. I cannot afford to repay MBNA but if I file bankruptcy or submit a Consumer Proposal I will have to include the line of credit, which I need to leave in place, as above. MBNA is threatening to force the sale of my home if I do not pay (due to my income situation and poor credit rating the bank will not lend me additional funds or increase the line of credit to pay them off). Please help.

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One Response to “Considering bankruptcy”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

This will depend on how many people your income is used to support and whether or not you have any non-discretionary expenses (i.e. prescriptions etc.). The best thing to do is to simply contact a local trustee and they will be able to do these calculations for you.