Unsecured Debt Over $100,000 and bankruptcy
December 16th, 2006 by Questions
If a first time individual bankrupt has unsecured debt over $100,000 does the Act still allow them to proceed by Summary Administration and get discharged by their trustee?
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December 16, 2006 at 7:07 pm, A licensed trustee said:
Yes. A summary administration is the most common type of personal bankruptcy in Canada, and applies to a person with net assets worth less than $10,000. The level of debts is not relevant.
Of course other factors will determine how quickly you are discharged, including your income each month. For a full review of your situation, we suggest you arrange for a no-charge initial consultation with a licensed bankruptcy trustee.