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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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Debts

I am considering going bankrupt.What do I have to include in debts ? I have 40,000 in credit card debt which I must include . I have several supplemental cards that my father gave me .My father is not declaring bankrutcy . Should I include this as debt ? My father does not want to give up his cards ,will he be forced to if I include them in my bankruptcy ? I want to start over . I don’t want this debt to be on my shoulders if my father’s financial circumstances change for the worse(which is possible). I know I would be responsible as a supplemental card holder.Do the credit report agencies include my fathers debt on my credit report?

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One Response to “Debts”

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

If your name is listed on the debt you are legally required to list the debt. Be careful with the supplementary cards, often by signing a supplementary card you are indirectly responsible for the full amount of the debt listed on your account. Discuss these supplementary cards in detail with a your trustee and he will be able to advise you which to list and which to not.