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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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Bankrupcy

If I go into a personal bankrupcy with app $25,000 in unsecured debt and do have an asset.Will the asset which is property which has a clear title be used to pay all my creditors?

Posted from: British Columbia

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One Response to “Bankrupcy”

A licensed trustee said...

Probably – the basic concept behind bankruptcy is that in exchange for eliminating yoru debts you assign your assets to your creditors. Unless there is some sort of provincial exemption for your asset under BC law, it may be seized and sold by your trustee if you file for bankrutpcy.

Use the links on this site to contact a trustee in BC and ask them your question directly.