How To Get Bankrupt If We Have No Cash?

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

Hi Khpelwak. Because of privacy guidelines, ODSP is only going to keep in touch with you regarding the file, perhaps maybe maybe maybe not someone else, so whether or not the collection agency did phone them, they’dn’t speak with them. Owing cash doesn’t influence your ODSP, since eligibility for ODSP is founded on your earnings and condition that is medical.

Filing bankruptcy will not directly influence your ODSP, because again it’s considering your revenue, maybe perhaps not your financial situation.

You might register bankruptcy, but there is however an expense to filing bankruptcy, usually into the selection of $200 every month for 9 months. Bankruptcy is an option to stop your wages from being garnisheed, but as you haven’t any wages, and since ODSP cannot garnishee your wages, a bankruptcy is almost certainly not necessary for you personally. An Ontario bankruptcy trustee can explain your alternatives in detail.

Hi i recently got divided. My spouse left me personally with like 70 thousand bucks of financial obligation.25 thousand in bank cards.20 thousand on a bank that is personal and 25 thousand buck personal line of credit. I will be on EI however it will soon run out very and I also has no earnings. It’s a tremendously thing that is stressful. Am I able to declare bankrupcy if we don’t have actually work now. Many Many Thanks

Hi Troy. Yes, it is possible to even declare bankruptcy in the event that you don’t have work. But, since one of many purposes of bankruptcy is always to protect you against getting your wages garnisheed, you payday loans Hawaii will probably find its in your absolute best passions to hold back that you have something to protect until you are working so. an insolvency that is licensed can offer you with additional information.

We have always been in $33000 debt with bank cards and credit line. It provides osap loan of $11315. I will be making use of payment support for osap and currently don’t spend any thing because i’ve no wages. We have no work but ended up being maintaining all my re re payments for just two years. But we can’t manage to spend them any longer. We have no true house, no automobile, no assests or any thing. No wages are had by me also. I will be thinking about using social help. Please let me know my choices. I will be in really health that is bad and consider working just isn’t a choice. Please advise. If We don’t make any re re payments, will anything bad take place ? Shall we inform all my creditors that i’m maybe not in a position to spend more monthly obligations ? Shall they are informed by me or maybe maybe not ? Shall we file bankrupcy ? We can’t manage to buy bank rupcy also. We have 0 cash on me personally. Please give an answer that is thoughtful. Best Wishes.

Hi Dave. When you yourself have no assets to seize, with no wages to garnishee, you can stop making repayments together with creditors could be struggling to garnishee your wages or seize assets. Therefore, for you personally, starting a fresh banking account at a brand new bank and doing nothing can be a viable choice. You can merely inform your creditors that no income is had by you. They might phone that you few times, but when they understand you’ll find nothing to gather it’s likely that they’ll curtail their collection task.

when I have discovered out of the poor who’ll never ever work once once again don’t have any opportunity to get bankrupt. i dropped at your workplace in ’09 and from now on must go on ODSP , but income canada nevertheless takes every cent it could kinda causes my life on impairment hard.bad system..told I would personally want to spend $240 four weeks 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 to discover when there is a trustee who is able to do your bankruptcy at under $240 per thirty days, or and also require other choices for you yourself to start thinking about.

We are now living in Quebec, am a full-time pupil, solitary mom of a 3 yrs old, surviving in subsidized housing, without any assets and my income source is student education loans. I’ve been holding debts that are crippling fifteen years. Recently, a family group users that we co-signed for left me by having a near $3000 cellular phone bill. My debts amounts to over $20k. Could I continue likely to college and student that is receiving if we get bankrupt? What are the reduced fees for low earnings people when it comes to bankruptcy? All the debts are actually in collections, a lot of them I did son’t understand they existed until recently. I truly wish to accomplish a bankruptcy (therefore that I am able to reconstruct my credit for good), but i’m concern on the affordability while i will be students.

You can get continue and bankrupt 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 is the proper choice for you personally, you ought to consult an authorized insolvency trustee to examine your alternatives.

Hello, we am about $50000 with debt due to infection we suffered into the past Currently we am employed time that is full a domestic home supervisor as well as in lieu of pay, we be given a unit hire free combined with the utilities taken care of and television, phone and internet covered. I actually do perhaps perhaps maybe maybe not be given a paycheck. I actually do receive money sporadically individually if I actually do one thing outside my work description such as for example painting a product, but that’s a thing that is spratic. My child basically provides us with your food and transport when I don’t very very own an automobile along with our medicines. At the best I may get $500 per thirty days extra for artwork. May I get bankrupt in this case? I must say I am perhaps perhaps maybe not enthusiastic about customer proposition. Your ideas and I’m placed on this could be significantly valued. Thank you…

Hi Richard. Yes, it is possible to get bankrupt in your circumstances. For purposes for the income that is surplus your rent will be considered section of your earnings, but we suspect it can perhaps maybe perhaps not make much huge difference, so that the bankruptcy is reasonably low priced for you personally. I recommend you contact an authorized insolvency trustee for the totally free initial consultation to examine your alternatives.

We owe roughly 16k to my td visa with no assets or work. I happened to be considering returning to college while being for education loan. Fundamentally, I’m maybe maybe maybe not thinking about doing work for minimum the following 36 months to make certain that I am able to give attention to college. I do want to know very well what are my likelihood of getting sued by td visa?

Hi Regis. When you have no earnings, and TD understands you have got no earnings, the odds of these suing you might be really low. Also when they do sue you, you’ve got no earnings to garnishee. Therefore, you can return to college, and just cope with TD when they sue you, or whenever you graduate if required.

Hi my better half and I also are filling for a proposition since we can not manage our debts. I’ve been away from work with one year and half and am in long term dissability that will be non taxable thus I usually do not claim it while doing my income taxes. My real question is do i must provide that quantity when it comes to surplus calculation?