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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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Closing business

I have closed my business and have no job or income, I have approx 100,000 in debt
My business was a sole propritorship and I have 2 unsecured loans of approx 40,000. I co own a home with my wife, have a son in high school and a daugher in university. What is the impact on my house and car if I file.

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One Response to “Closing business”

Barton Goth GCO Bankruptcy Trustees said...

This is largely going to depend on what province you live in. Each province sets certain exemptions, meaning property that is protected should you file bankruptcy.

If the equity value in the vehicle or the house is less than the provincial limits then you have no worries as everthing is protected as long as you keep up to date on any mortgage or car payments. However if the level of equity exceeds these provincial limits you may have some difficulties.

The best thing to do is to use the button below to contact a local trustee, give them an idea of how much equity is in each of these assets and they will be able to explain to you what will happen.