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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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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Impact of Bankruptcy on contractual obligations

Does filing bankruptcy automatically terminate all your contractual obligations or just those related to debt? Can I use bankruptcy to get out of a service contract that doesn`t have a cash value?

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One Response to “Impact of Bankruptcy on contractual obligations”

A licensed trustee said...

It does not automatically terminate your contractual arrangements, but it can be used by either the bankrupt or the service provider to “break a contract”. Some common examples are cell phone contracts and gym memberships, but under current legislation, bankrutpcy may be used to break most contracts.