How Do I Get Bankrupt If no money is had by me?

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 would it not influence my odsp. 2nd concern, it affect my odsp if I file bankruptcy, still would. I am talking about 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. We have various types of anxiety. Plz advice me what you should do.

Hi Khpelwak. As a result of privacy guidelines, ODSP will simply communicate with you regarding your file, perhaps perhaps perhaps not someone else, so just because the collection agency did phone them, they’dn’t communicate with them. Owing cash doesn’t influence your ODSP, since eligibility for ODSP is dependant on your earnings and medical problem.

Filing bankruptcy doesn’t directly influence your ODSP, because again it’s according to your revenue, maybe perhaps maybe not your financial situation.

You might register bankruptcy, but there is however a price to bankruptcy that is filing usually when you look at the selection of $200 each month for 9 months. Bankruptcy is a method to stop your wages from being garnisheed, but as you do not have wages, and because ODSP cannot garnishee your wages, a bankruptcy may possibly not be necessary available for you. 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 charge cards.20 thousand on a individual financial loan 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 really stressful thing. May I declare bankrupcy if we don’t have actually a working task at this time. Many Thanks

Hi Troy. Yes, it is possible 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 having your wages garnisheed, you will probably 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 provides you with increased information.

We am in $33000 financial obligation with bank cards and credit line. It provides loan that is osap of11315. I will be utilizing payment help for osap and currently don’t spend any plain thing because i’ve no wages. We have no work but had been maintaining all my re re payments for just two years. But we can’t manage to spend them any longer. I’ve no house, no automobile, no assests or any thing. I’ve no wages also. I will be thinking about using assistance that is social. Please let me know my choices. I’m in extremely health that is bad and consider working is certainly not an alternative. 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 not in a position to spend any longer payments that are monthly ? Shall they are informed by me or perhaps maybe maybe maybe not ? Shall we register bankrupcy ? We can’t manage to purchase bank rupcy also. I’ve 0 cash on me personally. Please give a thoughtful response. 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 your needs, starting a brand new banking account at a fresh bank and doing absolutely nothing could be a viable choice. You can merely inform creditors that you’ve got no earnings. They could phone that you few times, but after they understand nothing is to get it’s likely that they’ll curtail their collection task.

when I have discovered out of the bad that will never ever work once again don’t have any opportunity to get bankrupt. i dropped in the office in 2009 and today must survive 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 per month 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 are able to do your bankruptcy at under $240 per or who may have other options for you to consider month.

I are now living in Quebec, am a student that is full-time solitary mom of a 3 yrs old, surviving in subsidized housing, without any assets and my income source is figuratively speaking. 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 cellular 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 for the bankruptcy? A lot of the debts are now actually in collections, a lot of them I did son’t understand they existed until recently. I must say I might like to do a bankruptcy (therefore while I am a student that I can rebuild my credit once and for all), but I am concern over the affordability.

You are able to get bankrupt and continue in school, and carry on getting figuratively speaking. More often than not the education loan loan provider will require a page through the trustee acknowledging that the brand new student education loans won’t be an element of the bankruptcy. Are you aware that price of a bankruptcy, and whether or otherwise not this is the proper choice for you personally, you need to consult an authorized insolvency trustee to examine your choices.

Hello, we am about $50000 with debt due to disease I suffered in past times Currently we am employed time that is full a domestic home supervisor as well as in lieu of pay, we get a unit lease free combined with the utilities taken care of and television, phone and internet taken care of. I actually do maybe not get a paycheck. I really do receive money sometimes individually if I actually do one thing outside my task description such as for example painting an product, but that’s a thing that is spratic. My child fundamentally provides us with this food and transport when I don’t very own a car in accordance with our medicines. At most readily useful I may get $500 per thirty days extra for artwork. Could I get bankrupt in this case? I must say I have always been maybe maybe maybe not enthusiastic about customer proposition. Your thinking and I’m placed on this could be significantly valued. Thank you…

Hi Richard. Yes, you can easily get bankrupt in your position. For purposes associated with the income that is surplus your rent could be considered section of your earnings, but we suspect it could maybe perhaps perhaps not make much distinction, therefore the bankruptcy could be reasonably inexpensive for you personally. I recommend you contact an authorized insolvency trustee for the totally free initial assessment to examine your alternatives.

We owe roughly 16k to my td visa with no assets or task. I happened to be thinking about returning to college while being for a learning education loan. Essentially, I’m maybe maybe maybe not thinking about doing work for minimum the following 3 years to make certain that I am able to give attention to college. I would like to know very well what are my probability of getting sued by td visa?

Hi Regis. When you yourself have no earnings, and TD understands you’ve got no earnings, the chances of these suing you may be low. Also when they do sue you, you have got no earnings to garnishee. Therefore, you might get back to college, and just cope with TD when they sue you, or once you graduate if required.

Hi my hubby and I also are filling for the proposition since we can’t manage our debts. payday loans Pennsylvania I’ve been away from work with 12 months and half and am in long term dissability that is non taxable and so I usually do not claim it while doing my taxes. My real question is do i must offer that amount for the surplus calculation?