FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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unable to work

I owe my family a large amount of money, when I get the money from the sale of a home in a divorce settlement and I pay my family back I will not have enough money to clear off all my other debts and would be forced to declare bankruptcy. I am unable to work due to my health what happens then.

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One Response to “unable to work”

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

If you take the money from the sale of the home and prior to filing bankruptcy and selectively pay specific creditors you will have committed what is known as a fraudulent preference. The Bankruptcy and Insolvency Act is designed to treat all creditors in a fair an equal manner, as a result, your trustee will be required to make an application to court to obtain a judgment against any of your family members for the amount of the money that was paid to them from the sale of the house and ensure those funds are distributed equally amongst all of your creditors. As well, the fact that you have created these difficulties (or provided this preference payment) is considered a bankruptcy offence and may prevent you from successfully obtaining a discharge in normal course and extend the length of your bankruptcy.