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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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When Do I file?

I know I’m going bankrupt, but so far through cash advances on my credit cards and such, I have been able to keep myself afloat making minimum payments on all things so that no one is calling and harrassing me.

Someone told me I can’t file bankruptcy yet, I have to wait until the credit cards companies and the bank are actually yelling at me because i’m behind in payments. If I see a trustee while still ‘floating payments’ then they won’t see me as eligible for bankruptcy.

Is this true? Do I need to wait until I can’t make any of the payments or can i do it when I can show that my income don’t pay the bills I’ve racked up?

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One Response to “When Do I file?”

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

The only requirement to file bankruptcy is that you must owe more than $1000, be unable to pay your debts as they become due and the total resale value of all your property is insufficient to pay all your debts in full then you are eligible to file a bankruptcy.

If you qualify according to the above criteria you would be best to contact a licensed trustee, schedule a time to meet and together you will be able to determine whether or not bankruptcy fits your situation.