Inquiry about bankruptcy


Hi my name is Aidan. I want  declare bankruptcy because I’m in so much debt. I’m not sure if I’m making the right decision though. I need help in deciding.

I have mostly bills and credit cards. Bills such as cable or phone from maybe like 5 to 6 years ago. Some of them added up to over $8,000. I asked for a credit report and I got it today. I am working but its a pre-employment program placement. I get approximately 600 every 2 weeks

Also I’m still on social assistance.

Category: asked November 28, 2013

1 Answer


Hi Aidan,

You can file a bankruptcy, but if you’re on social assistance you should take advantage of the Bankruptcy Assistance Program that is administered by the Office of the Superintendent of Bankruptcy. It’s a program to allow people on low income to file for bankruptcy.

Under this program, you won’t be paying any professional fees for the service (which would be about $1,800). However, you will be expected to pay certain costs that would total about $400.

You should contact this number and inquire about the program:

Telephone (toll-free in Canada): 1-800-328-6189

The other option that you have aside from bankruptcy is to repay some of the debt to your creditors. This is called a consumer proposal. Based on what you’ve told me, if you can afford to pay $120.00 per month for 60 months (i.e., $7,200), this could be a viable option for you.  However, if you feel bankruptcy is the better option for you, you should contact the number above.