| Author: |
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Theresa |
| Date: |
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July 17, 2000 |
| Question: |
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I have one creditor which has sent my account to collection. When I told them I could not come up with the lump sum, and might have to declare bankruptcy, she told me that I would need $1,500 to do it, and if I didn't have $1,500 I could not declare. Is this true?
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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July 21, 2000 |
| Answer: |
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The basic requirements to file bankruptcy under the Canadian Bankruptcy and Insolvency Act are that you owe more than $1,000 to provable creditors and are unable to meet your debts as they become due. There is a cost to complete a bankruptcy but it is usually paid during the term of the proceedings. A Trustee such as Collins Barrow Limited can provide you with information specific to your situation.
Ann Clarke
phone: (403) 298-1543
ahclarke@collinsbarrow.com
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