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 wouldn’t it impact my odsp. 2nd concern, it affect my odsp if I file bankruptcy, still would. After all if the odsp learn, will they stop my re payments. We am extremely frightened and We actually don’t know very well what to complete and has now made my wellness worst. I have various types of anxiety. Plz advice me what direction to go.

Hi Khpelwak. As a result of privacy guidelines, ODSP is only going to communicate with you regarding your file, maybe maybe maybe not someone else, so even though the collection agency did phone them, they’dn’t keep in touch with them. Owing cash doesn’t influence your ODSP, since eligibility for ODSP is founded on your revenue and medical problem.

Filing bankruptcy doesn’t impact your ODSP directly, because again it really is centered on your earnings, perhaps maybe perhaps not your financial situation.

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

Hi i simply got divided. My partner left me personally with like 70 thousand dollars of financial obligation.25 thousand in charge cards.20 thousand on a bank that is personal and 25 thousand buck line of credit. I will be on EI however it will go out soon and I also could have no earnings. It’s a rather stressful thing. Can I declare bankrupcy if I don’t have actually task at this time. Many Thanks

Hi Troy. Yes, you are able to file for bankruptcy also in the event that you don’t have task. Nonetheless, since one of the most significant purposes of bankruptcy would be to protect you against getting your wages garnisheed, you might find it really is in your very best passions to attend that you have something to protect until you are working so. an authorized insolvency trustee provides you with an increase of information.

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

Hi Dave. When you yourself have no assets to seize, with no wages to garnishee, you can stop making payments together with creditors will be struggling to garnishee your wages or seize assets. Therefore, for you personally, starting a brand new banking account at a brand new bank and doing absolutely absolutely absolutely nothing might be a viable choice. You can merely inform creditors that you’ve got no income. They might phone that you times that are few but when they understand nothing is to gather the likelihood is that they can curtail their collection task.

when I have discovered out of the bad who can never ever work once once once again do not have opportunity to get bankrupt. i dropped in the office in ’09 and from now on must go on ODSP , but income canada nevertheless takes every cent it may kinda causes 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 letf. that is much.

Hi Garth. I suggest you contact an amount of trustees in your town and determine if you have a trustee who are able to do your bankruptcy at under $240 per month, or and also require other available choices for you really to think about.

We reside in Quebec, am a student that is full-time solitary mother of the 3 yrs old, residing in subsidized housing, without any assets and my revenue stream is student education loans. I’ve been holding debts that are crippling fifteen years. Recently, a household people with a near $3000 cell phone bill that I co-signed for left me. My debts amounts to over $20k. Am I able to carry on planning to college and getting education loan if we get bankrupt? What are the fees that are reduced low earnings people for the bankruptcy? Almost all of 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’m able to reconstruct my credit for good), but i will be concern throughout the affordability while i will be students.

You can get bankrupt and continue in school, and carry on getting figuratively speaking. 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 perhaps not it’s 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 disease we suffered within the past Currently we am employed time that is full a domestic home supervisor plus in lieu of pay, we be given a unit hire free together with the utilities taken care of and television, phone and internet taken care of. I really do maybe maybe not be given a paycheck. I actually do receive money sporadically individually if I really do one thing outside my task description such as for example painting an product, but that’s a thing that is spratic. My child essentially provides us with this food and transport when I don’t very very own a car sufficient reason for our medicines. At most readily useful I may get $500 per thirty days additional for artwork. May I go bankrupt in this example? I truly have always been maybe maybe maybe maybe not thinking about customer proposition. Your ideas and I’m placed on this could be significantly valued. many thanks…

Hi Richard. Yes, it is possible to get bankrupt in your circumstances. For purposes associated with surplus income calculation your rent will be considered section of your earnings, but we suspect it can perhaps maybe perhaps not make much distinction, therefore the bankruptcy will be reasonably cheap for your needs. I would recommend you contact an insolvency that is licensed for a totally free initial assessment to examine your alternatives.

I owe roughly 16k back at my td visa with no assets or task. I became thinking about returning to college while being for a learning pupil loan. Fundamentally, I’m maybe maybe not considering doing work for minimum the following 36 months making sure that i will concentrate on college. I wish to know very well what are my likelihood 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. Therefore, you can return to college, and just cope with TD you, or when you graduate if necessary if they sue.

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