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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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Severance pay

My agency has lost funding an i may be getting severance pay. Am I entitled to keep this money under personal bankruptcy? I may not be able to collect Employment Insurance for a while because of the severance pay.

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One Response to “Severance pay”

A licensed trustee said...

While you are bankrupt in Canada you are allowed to keep a certain portion of your income, depending on the size of your family, and certain personal expenses. To determine how your severance pay would be impacted in a bankruptcy, you should contact a bankruptcy trustee and ask them to perform the calculation for you.