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You must owe at least $1,000.00, be 18 years of age and are unable to meet your debts as they become due.
Can I choose which debts are included?
No. All debts must be included in the bankruptcy. However, some debts will survive the bankruptcy and they will still have to be paid, such as child support payments.
Will I lose everything?
No. In Ontario certain
items are exempt from seizure:
1) Personal effects
up to $5,650.00;
2) Household goods
up to $11,300.00;
3) Tools-of-trade
up to $11,300.00;
4) Motor vehicles
up to $5,650.00.
How do I file for bankruptcy?
Firstly, you must meet with a financial counsellor at Harris & Partners Inc. to have your financial situation reviewed. The counsellor will advise you at that point what your options are.
Once you decide that bankruptcy is the best solution, the Trustee will prepare the proper documents, have you sign and submit the documents to the Official Receiver. You are now officially bankrupt. The Trustee then notifies all the creditors of the bankruptcy.
What are the duties of a bankrupt?
- Fully disclose all assets and liabilities.
- Attend two financial counselling sessions.
- Inform the Trustee of any material change of income.
- Inform the Trustee of any change of address.
- Attend all meetings called by the Trustee.
How long does the bankruptcy last?
If this is a first bankruptcy, all the duties are performed fully and there are no objections, the bankrupt will be discharged in nine months.
Does bankruptcy stop wage garnishments?
All garnishments from civil court will be stayed immediately.
Can Student Loans be included in the bankruptcy?
Yes. If the bankrupt finished their studies more than ten years ago, the student loan will in effect be wiped out upon the bankrupt's discharge.
If the bankrupt finished their studies less then ten years ago, the student loan will survive the bankruptcy (i.e. the loan must be repaid).
Are debts to Revenue Canada Included?
Yes, debts to Revenue Canada are included in the bankruptcy.
