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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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Personal Bankruptcy

Hello,

I have recently found myself in a very bad financial situation and unable to maintain a proper state of existence.

I have recently lost my job due to health reasons, and have found myself with the following financial debts:
– my credit card is at its limit
– I still owe on a loan for my car (10K)
– I still have an outstanding student loan
– a two-year cel phone contract
– traffic fines

Because of my serious health condition, I am considering declaring personal bankruptcy – and I have just found out that these outstanding expenses are contributing to my health condition. If I declare personal bankruptcy, would the loan on my car be cleared at the same time?

If I offer the company to repossess the car, would I still be responsible for the outstanding loan after bankruptcy?

Would bankruptcy clear all my outstanding debts?

Thank you
Jason

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One Response to “Personal Bankruptcy”

Barton Goth GCO Bankruptcy Trustees said...

This cost depends on a number of factors.

First, you will be required you to make a minimum contribution each month for as long as you are bankrupt; the minimum bankruptcy period is nine months.

Second, you are required to make an additional payment based on your take home pay each month, and the size of your family. The more you earn, the more you are required to pay each month. You will be required to send the trustee copies of your pay stubs and other income each month, and each month the trustee would calculate the surplus income payment.

Third, you would lose any tax refunds or GST credits you are otherwise eligible for during the bankruptcy period.

Fourth, you lose certain assets (certain RRSPs, valuable cars. etc) that you own when you go bankrupt.

As you can see, the cost of a bankruptcy depends on a number of factors. To get an idea of what you can expect your brother would pay if he were to file a bankruptcy you should contact licensed trustee in your area and he will be able to examine things and provide you an with an expectation of what would be required.