Can a Person with no Assets File for Bankruptcy in Ontario?

Can a Person with No assets file bankruptcy in Ontario

Table of Contents

Can I Declare Bankruptcy Without Any Assets?

Yes, as long as you qualify for bankruptcy in Ontario, you can have a bankruptcy trustee file (declare) bankruptcy on your behalf, even if you have no assets.

In Ontario, only licensed insolvency trustees in bankruptcy, such as David Sklar & Associates, can file and administer bankruptcies.

In bankruptcy, when there are no assets or equity to divide among the unsecured creditors, they are still required to write off all of their outstanding debt upon the successful completion of the bankruptcy.

In Canada, the laws that govern bankruptcy are meant to be fair to everyone involved, the debtor and their unsecured creditors.

If you have assets, the federal and Ontario governments have identified a number of assets that cannot be seized in bankruptcy. Visit “How Do I File For Personal Bankruptcy In Ontario?” for more details.

Surplus Income

An important factor in bankruptcy is the amount of surplus income. Check out ‘Surplus Income in the Bankruptcy Process’ for more details.

Basically, your total family income, less allowable deductions such as medication and child support, is compared to the number of people in your family. Then, based on guidelines set by the Superintendent of Bankruptcy – it is determined whether or not you have surplus income.

Your licensed insolvency trustee will explain this to you in detail.

If it is decided that surplus income exists, then you will be required to pay 50% of the surplus into your estate for distribution to your unsecured creditors.

As well, if you have surplus income and this is your first bankruptcy, the length of your bankruptcy will go from 9 months to 21 months.

Release From Unsecured Debts at End of Bankruptcy

At the end of your bankruptcy period, if you have honored all the terms of your bankruptcy, such as filing monthly reports, attending credit counseling sessions, and making your required monthly payments – you will be released from the unsecured debts included in your bankruptcy.

Note – not all unsecured debts can be included in a bankruptcy, things like child support, alimony, court fines, and some student loans cannot be erased by bankruptcy.

Once again, your trustee will explain this to you in detail.

Considering Bankruptcy in Ontario?

If you are struggling financially and looking for relief, call David Sklar & Associates and book your consultation today. We help people who are drowning in debt and need a solution. You have options we can help you pick the right ones and get the debt relief that you’re looking for

Contact David Sklar

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
I was a reck talking yo Jason Sklar was easy comfortable he explained everything and put my mind at ease I would recommend the team od sklar to everyone. I have already talked to my ci workers about them
kevin mcweeney
01:13 22 Dec 22
The team at David Sklar & Associates is fantastic.I worked with Jerry whom not only made - what seemed like intimidating process to initiate at first - comfortable.He made everything transparent and took the time to explain the process every step of the way.He was kind, attentive, and professional. Everything was made straightforward and stress free and we found a solution together that worked.Thanks to Jerry and the team.
Jordie Angiolillo
18:22 21 Dec 22
From day one till the end which is today😁 DavidSklar gave me a 5star service and treatment. And I will 100% recommend him and his Associates. This is the best Christmas present ever! Thank you David! More business to come! Merry Christmas and a Happy New Year!!!
barbee diaz
16:37 16 Dec 22
I FOUND DAVID SKLAR & ASSOCIATES BY GOOGLING "BANKRUPTCY" (EARLY NOV. 2021). ON NOV.4, 2021 I HAD A MEETING WITH CORI NARON AT HER OFFICE AT ST CLAIR ANDBATHURST. HER POSITIVE APPROACH TURNED ASTRESSFUL SITUATION INTO A STEP BY STEP UNDERSTANDABLE PROCESSON SEPT. 23, 2022 I OBTAINED MY AUTOMATICDISCHARGE FROM BANKRUPTCY AND MY CERTIFICATE OFDISCHARGE.THANK YOU CORIBRUCE BURGESS
bruce burg
21:35 02 Dec 22
Jerry was wonderful and provided superb service. He is very knowledgeable, trustworthy, and made an intimidating and shame filled time in my life stress free. I hesitated for a long time to take the next step, but Jerry answered all questions, was patient and made the process effortless. I am eternally grateful, and highly recommend Jerry’s services.
M J
18:41 01 Dec 22
Jerry was professional and was easy to deal with
Debbie Asquith
00:09 29 Nov 22
I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
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