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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Bankruptcy Consideration Q & A

Thank-you in advance for your answers to the following. If Person A initiated a lawsuit against Person B, and after a long and protracted bad situation, the end result of legal proceedings was completely unsatisfactory, and because of the damages caused to Person A from the horrible actions of Person B, as well as the balance of thousands of dollars of legal fees owing to a law firm due to the lawsuit costs by Person A in them trying to recover from damages they suffered from Person B, and because of all these costs and other losses, it contributed to the consideration of filing for bankruptcy by Person A…do the legal fees owing to the law firm by Person A from the essentially unsuccessful lawsuit action also go away along with their other credit cards and lines of credit debts? Is it ALL (including the legal fee balance owing), taken care of and covered off for a `fresh start` in a possible bankruptcy? And what is the general cost if you consider and then file for bankruptcy for the `first` and `only time`, & is automatic discharge in this type of situation most probable, & how long until that would most likely happen?

Posted from: Ontario

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One Response to “Bankruptcy Consideration Q & A”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Legal fees are cleared with the filing of a bankruptcy, this includes both the principle and the interest. While there is a category of debts that are not released by bankruptcy, as you read through these you will quickly see that lawyer costs don’t fall into this category.

As for the cost of a bankruptcy you need to disucss this with a local trustee as both the cost and timing is directly tied to your typical monthly income.