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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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Length of payments

If I am a first time personal going bankrupt what determines the length of time you have to make your monthly payments for?

Posted from: Ontario
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One Response to “Length of payments”

A licensed trustee said...

Your bankruptcy will run either 9 or 21 months. The length is determined 7 months after you start based on your average household income in the first 6 months. If your average exceeds the government guideline by $200 or more then your procedure is extended to 21 months. If it is lower than that it will end in 9 months.