How Do I Get Bankrupt If We Have No Cash?

Hi dear sir, i’m on Ontario odsp. And owe 89,000$ cridet card financial obligation. My very very very first real question is that i acquired a call from collection and I also told them i will be on odsp. Would the collection agency inform odsp for my debts and wouldn’t it impact my odsp. 2nd concern, it affect my odsp if I file bankruptcy, still would. After all if the odsp find out, will they stop my re re re payments. We am extremely frightened and We actually don’t understand what to accomplish and contains made my wellness worst. We have various kinds of anxiety. Plz advice me what direction to go.

Hi Khpelwak. As a result of privacy guidelines, ODSP will simply speak with you regarding your file, perhaps perhaps maybe not someone else, so even when the collection agency did phone them, they’dn’t communicate with them. Owing cash doesn’t influence your ODSP, since eligibility for ODSP is founded on your revenue and condition that is medical.

Filing bankruptcy will not directly influence your ODSP, because again it’s predicated on your earnings, perhaps perhaps maybe not your financial situation.

You can register bankruptcy, but there is however a price to bankruptcy that is filing usually into the variety of $200 each month for 9 months. Bankruptcy is an option to stop your wages from being garnisheed, but because you haven’t any wages, and since ODSP cannot garnishee your wages, a bankruptcy may possibly not be necessary available for you. An Ontario bankruptcy trustee can explain your choices in increased detail.

Hi i simply got divided. My partner left me with like 70 thousand bucks of financial obligation.25 thousand in bank cards.20 thousand for a individual mortgage and 25 thousand buck personal line of credit. I will be on EI nonetheless it will soon run out very and I also could have no earnings. It’s a rather stressful thing. Am I able to declare bankrupcy if I don’t have actually job at this time. Many Thanks

Hi Troy. Yes, you are able to file for bankruptcy also in the event that you don’t have work. Nonetheless, since one of many purposes of bankruptcy is always to protect you against getting your wages garnisheed, you might find it really is in your absolute best passions to hold back unless you will work to make sure you have actually one thing to guard. an insolvency that is licensed can offer you with increased information.

We have always been in $33000 financial obligation with bank cards and personal credit line. It provides osap loan of $11315. I will be utilizing payment support for osap and currently don’t spend any plain thing because We have no wages. We have no working task but had been maintaining all my re re payments for just two years. But we can’t manage to spend them any longer. We have no home, no automobile, no assests or any thing. No wages are had by me also. I will be thinking about using assistance that is social. Please let me know my choices. I will be in extremely bad health issue and consider working is certainly not an alternative. Please advise. If We don’t make any re payments, will anything bad take place ? Shall we inform all my creditors that I’m not in a position to spend any longer monthly obligations ? Shall they are informed by me or perhaps maybe not ? Shall we register bankrupcy ? We can’t manage to buy bank rupcy also. We have 0 cash on me personally. Please give a thoughtful solution. Best Wishes.

Hi Dave. You could stop making payments and the creditors would be unable to garnishee your wages or seize assets if you have no assets to seize, and no wages to garnishee. Therefore, for you personally, starting a brand new banking account at a fresh bank and doing absolutely nothing might be an option that is viable. You might just inform creditors that you’ve got no earnings. They might phone that you few times, but when they understand you’ll find nothing to get chances are that they’ll curtail their collection task.

when I have discovered out of the bad that will never ever work once again haven’t any possiblity to get bankrupt. i dropped at the job in 2009 and today must survive ODSP , but income canada nevertheless takes every cent it may kinda makes my life on impairment hard.bad system..told I would personally need certainly to spend $240 30 days for 9 months , but after lease ,hydro i dont have that much letf..

Hi Garth. I suggest you contact a wide range of trustees in your town and discover when there is a trustee who is able to do your bankruptcy at under $240 per thirty days, or and also require other available choices for you yourself to think about.

We reside in Quebec, am a full-time pupil, solitary mom of the 3 yrs old, located in subsidized housing, without any assets and my income source is student education loans. I have already been holding crippling debts for fifteen years. Recently, a household people that we co-signed for left me by having a near $3000 mobile phone bill. My debts amounts to over $20k. Am I able to carry on gonna college and getting education loan if we get bankrupt? Any kind of reduced charges for low earnings people when it comes to bankruptcy? All the debts are now actually in collections, a lot of them I did son’t understand they existed until recently. I truly might like to do a bankruptcy (therefore that i could rebuild my credit for good), but i will be concern on the affordability while i will be students.

You can easily get bankrupt and continue in school, and carry on getting student education loans. The student loan lender will want a letter from the trustee acknowledging that the new student loans will not be part of the bankruptcy in most cases. Are you aware that price of a bankruptcy, and whether or otherwise not it will be the proper choice you should consult a licensed insolvency trustee to review your options for you.

Hello, we am about $50000 with debt as a result of infection we suffered in past times Currently we am employed full time as a domestic home supervisor plus in lieu of pay, I get a unit lease free combined with the utilities taken care of and television, phone and internet taken care of. I really do maybe maybe maybe perhaps not be given a paycheck. I actually do receives a commission sometimes individually if I really do one thing outside my work description such as for example painting a product, but that’s a spratic thing. My child essentially provides us with this groceries and transport when I don’t very own a car sufficient reason for our medicines. At the best I may get $500 per extra for painting month. Could I get bankrupt in this example? I truly am maybe maybe maybe not enthusiastic about customer proposition. Your ideas and I’m placed on this could be significantly valued. Thank you…

Hi Richard. Yes, you are able to get bankrupt in your position. For purposes for the income that is surplus your rent could be considered section of your revenue, but we suspect it could maybe maybe maybe not make much distinction, and so the bankruptcy could be reasonably low priced for your needs. I would recommend you contact an insolvency that is licensed for the totally free initial assessment to examine your choices.

We owe roughly 16k on my td visa with no assets or work. I became thinking about returning to college while being for education loan. Essentially, I’m maybe maybe not thinking about employed by minimum the second 36 months in order for i will concentrate on college. I do want to understand what are my probability of getting sued by td visa?

Hi Regis. You have no income, the odds of them suing you are very low if you have no income, and TD knows. Also you, you have no income to garnishee if they do sue. So, you can return to college, and just cope with TD when they sue you, or whenever you graduate if required.

Hi my hubby and I also are filling for the proposition since we can’t pay for our debts. I’ve been away from benefit 12 months and half and am in long term dissability that will be non taxable therefore I usually do not claim it while doing my taxes. My real question is do i must give that quantity for the surplus calculation?

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