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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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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I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

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Should I file for Banruptcy?

I owe under $25,000 – should I file for Bankruptcy or write to my creditors for help. I have $6,000 in rrsp’s – should I take them out to lower my debt load before I file?

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One Response to “Should I file for Banruptcy?”

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

Sometimes filing a bankruptcy becomes a question of cash flow. If you have insufficient funds to pay your debts and living expenses and you are unable to reduce you current cost of living then you may find yourself in a position where the only things you may be able to afford to do would be a bankruptcy (or perhaps a consumer proposal).

In terms of the RRSP’s, if all you need is a little bit of time to get back on your feet then utilizing the RRSP’s would be a good strategy. However, if it is simply going to be a temporary situation and you know that you will be right back in the same position once the RRSP’s have been used than you are better to not touch these funds and see a trustee (see Find A Trustee on the right hand side of this page) as improper use of these funds may complicate the filing of a bankruptcy or a proposal.