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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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Bankruptcy

I own a trailer and a truck in the United States but I am thinking of going bankrupt in Canada because my credit card debt is out of control. The interest is more than I make each month. Will I have to give up my trailer and truck in the United States that I own outright?

Posted from: Ontario

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One Response to “Bankruptcy”

A licensed trustee said...

You have two choices (1) surrender the truck and trailer to the trustee so they may be sold; or (2) pay an amount equal to the truck and trailers fair value to your trustee for the benefit of your creditors. The first step is to determine what the fair value of the truck and trailer may be – an appraisal is the best way. Then decide if you can afford to make the required payments, or if you need to surrender the truck and trailer to your trustee.