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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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$100,000 in the hole

When declaring bankruptcy is there a difference in severety based on amount? Does the court see $10,000 the same as $100,000 Debt is Debt regardless of amount?

Does Bankruptcy clear one of back taxes? (CRA/Rev Can)

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One Response to “$100,000 in the hole”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

In most instances the court doesn’t focus on the amount of debt, they are more interested in the type of debts, whether or not you were acting in good faith and whether or not you were compliant in a timely fashion with the duties required under the Bankruptcy and Insolvency Act (i.e. payments, income and expense statements etc.)

In terms of tax debt, in most circumstances this is a debt that is cleared by bankruptcy. I recommend clicking on the Contact an Expert link on the right hand side of the page and sitting down with a Trustee in your area to outline the specific details of your situation and he will be able to give you a more definitive answer to this question.