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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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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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What to expect

I`m trying to get a start in life and even though I`ve been told to file bankruptcy, I`m scared and little embarassed about it. I would like to know what to expect when I file. I owe about $120,000 to various credit cards. The majority of it was taken out over the past 11 months through cash advances. The money was used for my substance abuse problem (drugs). I have since quit that problem and have been going to drug addiction counselling for 3 months. My income is about $30,000 gross (before tax). Will I be automatically discharged after nine months or will my bankruptcy take longer? Will I have to make payments to the financial institutions after I`m discharged because I took out cash advances and used it for drugs? I`ve been told this and don`t see the point in filing if I have to keep making payments I can`t afford. My minimum monthly payments are close to $3000…which I can`t afford and is more than my income. Any advice or help would be appreciated. Thank you.

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One Response to “What to expect”

A licensed trustee said...

The substance problem and the cash advances will make your procedure a bit more complicated.

Due to the amount of credit card debt you should expect to be “examined” by an Official Receiver – thsi sounds intimidating, but it shouldn’t be. Basically, they will mail you a questionnaire to file in and then ask you to return it to them in person to review your answers.

There’s a good possibility that instead of an automatic discharge after 9 months, you will be asked to appear in Court so that a Registrar (think judge) can confirm that you’ve remained clean through out the bankruptcy and that you’re staying current with any treatments.

This is all part of the process to get you back on track – if you have a relapse during the process you will not be discharged as the Court wants to make certain you’ve conquered the problem before they clean up your credit.