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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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pensions

is cpp and old age pension subject to bankruptcy if the persons income is below poverty line

Posted from: Ontario

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One Response to “pensions”

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

When you file for bankruptcy your cost of bankruptcy is based on your total income. This total income would include cpp and old age pension. Now if you are below the poverty line you would qualify for the minimum cost of bankruptcy so your source of income wouldn’t make any difference. However, if your total income (including cpp and oas) put you above the allowable amounts set by the Office of the Superintendent of Bankruptcy, then you would be subject to the surplus income calculation like everyone else.