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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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Dire Straits

I’m in deep, cannot service my debt, some of my assets are being transferred to my children in trust as part of a seperation agreement. If I do decide to declare bancruptcy (I hope I don’t have too) will the assets that go to my children be seized (assets are 50% of 2 companies that have not fared well through the recession).

Posted from: Alberta

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One Response to “Dire Straits”

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

This is a question that you will need to discuss directly with a local trustee as they will have to look at the nature of the businesses and the way the trusts have been set up. Likley, if set up propertly, you don’t have to worry about this trust property, but you want to make sure.