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

Hi dear sir, i will be on Ontario odsp. And owe 89,000$ cridet card debt. My 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, it affect my odsp if I file bankruptcy, still would. After all if the odsp learn, will they stop my re re re payments. We am extremely frightened and We actually don’t understand what doing and has now made my wellness worst. I’ve 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 the file, maybe maybe perhaps perhaps not someone else, so regardless of if 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 earnings and condition.

Filing bankruptcy will not directly influence your ODSP, because again it really is according to your earnings, not the money you owe.

You can file bankruptcy, but there is however a price to bankruptcy that is filing frequently into the number of $200 every 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 greater 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 for 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 need no income. It’s a tremendously stressful thing. May I declare bankrupcy if we don’t have actually a working job at this time. Many Thanks

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

We have always been in $33000 financial obligation 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 task but ended up being keeping all my re re re re payments for just two years. But I can’t afford 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 assistance that is social. Please let me know my choices. I will be in really health that is bad and consider working is certainly not a choice. Please advise. If We don’t make any re 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 monthly premiums ? Shall they are informed by me or maybe not ? Shall we register bankrupcy ? We can’t manage to buy bank rupcy also. I’ve 0 cash on me personally. Please give a thoughtful solution. Best Wishes.

Hi Dave. When you have no assets to seize, with no wages to garnishee, you can stop making repayments additionally the creditors will be struggling to garnishee your wages or seize assets. Therefore, for your needs, starting a fresh banking account at a brand new bank and doing absolutely absolutely nothing might be an option that is viable. You might just inform creditors that no income is had by you. They could phone that you times that are few but when they understand nothing is to get it’s likely that they can curtail their collection task.

when I have discovered out of the bad who can never work once again haven’t any possiblity to get bankrupt. i dropped at the job last year and now must survive ODSP , but income canada nevertheless takes every cent it may kinda causes my life on impairment hard.bad system..told I might want to spend $240 four weeks for 9 months , but after lease ,hydro i dont have that letf. that is much.

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 for under $240 per or who may have other options for you to consider month.

We are now living in Quebec, am a student that is full-time solitary mom of a 3 yrs old, located in subsidized housing, without any assets and my income source is figuratively speaking. I have already been holding debts that are crippling 15 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. May I carry on likely to college and student that is receiving if I get bankrupt? Any kind of reduced charges for low earnings people when it comes to bankruptcy? The majority of 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 will reconstruct my credit for good), but i’m concern throughout the affordability while i’m students.

You can go continue and bankrupt in school, and carry on getting student education loans. In many instances the education loan loan provider will require a page through the trustee acknowledging that the latest figuratively speaking will never be area of the bankruptcy. Are you aware that price of a bankruptcy, and whether or perhaps not it will be the proper choice for your needs, you ought to consult an authorized insolvency trustee to examine your choices.

Hello, we am about $50000 with debt due to disease we suffered in past times Currently we am employed full time as a domestic home supervisor plus in lieu of pay, we be given a unit hire free together with the utilities paid for and television, phone and internet covered. I really do perhaps perhaps maybe not get a paycheck. I really do receives a commission sporadically individually if I actually do one thing outside my task description such as for example painting a 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 very very own a car in accordance with our medicines. At most useful I may get $500 per extra for painting month. May I get bankrupt in this case? I must say I have always been 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’ll get bankrupt in your position. For purposes for the income that is surplus your rent will be considered section of your earnings, but I suspect it could maybe maybe perhaps not make much distinction, and so the bankruptcy could be reasonably low priced for your needs. I recommend you contact an authorized insolvency trustee for a totally free initial assessment to examine your choices.

We owe roughly 16k on my td visa with no assets or work. I happened to be considering returning to school while being on education loan. Fundamentally, I’m maybe maybe not considering employed by minimum the following 3 years in order for i could concentrate on college. I do want to understand what are my probability of getting sued by td visa?

Hi Regis. For those who have no earnings, and TD understands you’ve got no earnings, the chances of those suing you may be really low. Also you, you have no income to garnishee if they do sue. Therefore, you might return to college, and just handle TD when they sue you, or whenever you graduate if required.

Hi my hubby and I also are filling for a proposition since we can’t pay for our debts. I’ve been away from work with one year and half and am in long term dissability that 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?

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