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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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Cash Advances

I have read that as a bankrupt you are held accountable for transactions such as cash advances particulary in last 3 months prior to filing bankruptcy. My question is that I have been robbing Peter to pay Paul for sometime and if I can show that the advances made were used to pay other creditors would I still be required to pay those advances back? I have been doing this in good faith hoping that somehow my financial circumstances would change – basically buying time and not defaulting.

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One Response to “Cash Advances”

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

Typically discretion is used. If these payments were made in good faith during the normal course of things, then there is little to be concerned with. However, if these funds were used to purchase a new home entertainment system things would be significantly different. To ensure you aren’t going to have any complications, bring your last 3 months credit card statements to a local trustee, have them review the history and discuss what types of transactions were made, who the receipts were and he will be able to give you and idea of what you can expect.