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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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Question

can I Go bankrupt If I have a considerable amount of money in uk.

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2 Responses to “Question”

A licensed trustee said...

Yes, in most cases it does cost money to go bankrupt.

The amount you are required to contribute to your estate while bankrupt depends on a number of factors.

First, most trustees will require you to make a minimum contribution each month for as long as you are bankrupt; the minimum bankruptcy period is nine months.

Second, you are required to make an additional payment based on your take home pay each month, and the size of your family. The more you earn, the more you are required to pay each month. You will be required to send the trustee copies of your pay stubs and other income each month, and each month the trustee would calculate the surplus income payment.

Third, you would lose any tax refunds or GST credits you are otherwise eligible for during the bankruptcy period.

Fourth, you lose certain assets (certain RRSPs, valuable cars. etc) that you own when you go bankrupt.

As you can see, the cost of a bankruptcy depends on a number of factors. Click on the Contact an Expert link on the right hand side of this page to find a trustee who can give you an accurate estimate of the cost of a bankruptcy in your situation.

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

In order to be eligible to file bankruptcy you have to demonstrate that you currently owe more than $1000.00, are unable to make payments as they become due, and the total value of all your property (regardless of where it is located) was sold it must not be sufficient to pay your debts. If you meet those requirements you would be considered eligible, but whether or not a bankruptcy would be in your best interest is questionable as you would likely loose the money oversees.