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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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Bankruptcy Question

I have heard that it is more likely that a bankrupt will not be granted an automatic discharge if their assets do not provide 50 cents on each dollar of debt. Is this true? Can you please explain this?

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One Response to “Bankruptcy Question”

A licensed trustee said...

It is not a question of qualifying for bankruptcy – under Canadian law you have the right to file.

In regards to your income, you will be required tomake some sort of payment to your trustee during your bankruptcy based on your income and the size of your household. For example, a single person household with income of $1836 (take-home) or less will likely pay somewhere in the $150 – $200 a month range. The higher yuor income after you pay your support, the higher your bankruptcy payment will be.

In regards to the mortgage, by listing the debt on your bankruptcy you can be legally obsolved from your obligation to repay it in the future should something go wrong for your ex.

Use the links to find a trustee in your area and give them a call – they can explain all of this in greater detail.