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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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Received Settlement Prior to Filing Bankcruptsy

I had received a settlement of $30,000 in August of 2008 for a disability judgement against a former employer. I used it all to pay back my family and friends (i have been unemployed since 2003). I only have about $1000 left in savings and receive about $327 monthly in Child Tax Credit. I am still out of work as I work on my health issues. My total debt is old credit and student loans totalling about $87,000. I know that the trustees have to file my 2008 and 2009 tax refund. I was given a Statemenet of Qualifying Retroactive Lump Sum Payment by my lawyers to attach to this years income tax to stretch the $30,000 over the past years. Can I still file for bankcruptsy although I gave back the money I owed to people?

Posted from: Ontario

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One Response to “Received Settlement Prior to Filing Bankcruptsy”

A licensed trustee said...

Well the fact that you paid back family and friends instead of giving some money to all of your creditors may cause some concern for your trustee. I suggest you use the links to contact a trustee in your area directly to discuss your options in person.