FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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bankruptcy or not?

i owe about 55,000 in consumer debt (credit cards and LoC`s, and another 20,000 in personal loans from family etc. Im may 06 i suffered from a back injury at work, however wcb and finalized that i am not eligible, for one reason or another, and sunlife says its a wcb claim not a DI. the debt has come from just sustaining my lifestyle this past 19 months or so. before the injury i was making about 60,000/yr but now i have no income. wondering what would happen if i filed for bankruptcy?

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One Response to “bankruptcy or not?”

Barton Goth GCO Bankruptcy Trustees said...

Filing a bankruptcy would be able to clear you from the consumer debt you mentioned and stop the hassling phone calls from your creditors. However, there is a cost to file a bankrutpcy and it would be a struggle for you to make the monthly payments required if you currently do not have any income.

Although, due to your limited income, you would be in a position we refer to as creditor proof. Meaning that there is very little a creditor can do to force payment as your likely don’t own any property they could seize and have no income available for creditors to garnishee.

As a result you may just want to hold off on filing a bankruptcy until you have a little money coming in.