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

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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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Dealing with Old Debt

I have over $50,000.00 of unsecured debt. For to take care of my family emergency I will have to leave Canada and probably won’t be able to back to Canada for at least 10 years cause I will have to take care of my sister’s kid who is going to school in different country. Should I file for Bankruptcy Now? After I come back? or it doesn’t matter cause credit history is valid for 7 years.

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One Response to “Dealing with Old Debt”

A licensed trustee said...

If you go bankrupt, you are required to attend two credit counselling sessions, possibly attend a creditors’ meeting, and provide proof of your income each month to the trustee. This will be difficult if you are out of the country. In addition, your creditors will probably be unable to pursue you if you are out of the country, so the correct answer is probably to wait until you return to Canada to go bankrupt, if it’s necessary at that time.