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

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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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Amount of Debt

Does the amount of debt affect the chances of receiving a 9-month automatic discharge? I`m in debt $150,000 to about 10 credit card companies. Will some of these financial institutions oppose my bankruptcy because I owe them over $10,000 (owe $17,000 to one)? Does more and higher debt mean higher chances of having your bankruptcy opposed?

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One Response to “Amount of Debt”

Barton Goth GCO Bankruptcy Trustees said...

The amount of debt really has nothing to do with the type of discharge you will receive. Normally creditors don’t oppose a discharge based and quantity, they look at more qualitative aspects (i.e. whas your behavior suspect etc.). But a potential creditor opposition is a good thing to discuss with a local trustee prior to signing any documents or making any decisisons.