In this video, Richard Killen, a Scarborough Ontario based Licensed Insolvency Trustee talks about the minimum requirements for personal bankruptcy in Ontario.
I often am asked by people in Scarborough, what is the minimum debt before I can declare bankruptcy? Many people feel that if they do not owe that much, perhaps its too low to get a trustee involved.
Legally, whether it is in Scarborough or anywhere else in Ontario, the minimum you must owe is $1000. Of course there are other qualifications as well. However as far as the actual amount it is only one thousand dollars. Therefore, as long as the amount you owe is greater than the minimum, you qualify to use the bankruptcy act.
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