Monday, January 18th, 2021

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

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 financial obligation. My 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 re payments. We am extremely frightened and We actually don’t know very well what to accomplish and has now made my wellness worst. We have various types of anxiety. Plz advice me how to handle it.

Hi Khpelwak. As a result of privacy guidelines, ODSP is only going to speak to you regarding your file, perhaps maybe perhaps not someone else, so whether or not the collection agency did phone them, they’dn’t communicate with them. Owing cash doesn’t influence your ODSP, since eligibility for ODSP will be based upon your revenue and condition that is medical.

Filing bankruptcy doesn’t directly influence your ODSP, because again its predicated on your revenue, perhaps perhaps maybe not the money you owe.

You might register bankruptcy, but there is however an expense to filing bankruptcy, usually into the number of $200 every month for 9 months. Bankruptcy is a solution to stop your wages from being garnisheed, but as you don’t have any wages, and because ODSP cannot garnishee your wages, a bankruptcy might not be necessary for you personally. An Ontario bankruptcy trustee can explain your choices in increased detail.

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

Hi Troy. Yes, you are able 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 wait patiently that you have something to protect until you are working so. 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 offers osap loan of $11315. I will be making use of payment support for osap and currently don’t pay any plain thing because We have no wages. We have no task but had been maintaining all my re payments for just two years. But we can’t manage to spend them any longer. I’ve no house, no vehicle, 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 extremely health that is bad and consider working just isn’t a choice. Please advise. If We don’t make any re payments, will anything happen that is bad ? Shall we inform all my creditors that I’m not in a position to spend any longer payments that are monthly ? Shall we tell them or perhaps maybe perhaps not ? Shall we register bankrupcy ? We can’t manage to buy bank rupcy also. I’ve 0 cash on me personally. Please give an answer that is thoughtful. 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 unique bank and doing absolutely nothing can be an option that is viable. You might merely inform creditors that you have got no earnings. They could phone you a few times, but when they understand nothing is to gather it’s likely that they can curtail their collection task.

when I have discovered out of the bad that will never ever work once again do not have opportunity to go bankrupt. i fell at the office in ’09 and today must go on ODSP , but income canada nevertheless takes every cent it may kinda causes my life on impairment hard.bad system..told I might have to spend $240 per month for 9 months , but after lease ,hydro i dont have that much letf..

Hi Garth. I will suggest you contact a amount of trustees in your town and find out when there is a trustee who are able to do your bankruptcy at under $240 per thirty days, or and also require additional options for you really to give consideration to.

We are now living in Quebec, am a student that is full-time solitary mother of a 3 yrs old, located in subsidized housing, without any assets and my revenue stream is student education loans. I’ve been holding debts that are crippling 15 years. Recently, a household users with a near $3000 cell phone bill that I co-signed for left me. My debts amounts to over $20k. Could I carry on planning to college and getting education loan if we get bankrupt? What are the reduced charges for low income people when it comes to bankruptcy? All of the debts are actually in collections, many of them I did son’t understand they existed until recently. I must say I might like to do a bankruptcy (therefore that i could reconstruct my credit forever), but i will be concern on the affordability while i’m students.

You’ll be able to get continue and bankrupt in school, and carry on getting figuratively speaking. Generally in most instances the education loan loan provider will require a page through the trustee acknowledging that the brand new figuratively speaking won’t be area of the bankruptcy. Are you aware that price of a bankruptcy, and whether or otherwise not it’s the proper choice for your needs, you need to consult an authorized insolvency trustee to examine your alternatives.

Hello, we am about $50000 with debt due to infection we suffered within 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 lease free together with the utilities taken care of and television, phone and internet covered. I really do perhaps maybe maybe maybe not get a paycheck. I really do receive money sporadically individually if I really do one thing outside my work description such as for example painting an product, but that’s a spratic thing. My child fundamentally provides us with this food and transport when I don’t very very own a car in accordance with our medicines. At the best I may get $500 per extra for painting month. May I get bankrupt in this case? I must say I have always been perhaps perhaps not enthusiastic about customer proposition. Your thinking and I’m placed on this could be greatly valued. Thank you…

Hi Richard. Yes, you are able to get bankrupt in your position. For purposes for the surplus income calculation your rent could be considered section of your earnings, but we suspect it could perhaps perhaps not make much huge difference, therefore the bankruptcy could be fairly low priced for you personally. I recommend you contact an authorized insolvency trustee for a totally free initial assessment to examine your choices.

We owe roughly 16k back at my td visa with no assets or work. I happened to be thinking about returning to college while being on a learning pupil loan. Fundamentally, I’m maybe maybe maybe not thinking about doing work for minimum the second 3 years in order that i will give attention to college. I wish to know very well what are my likelihood of getting sued by td visa?

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

Hi my hubby and I also are filling for the proposal since we can’t pay for our debts. I’ve been away from benefit 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 offer that quantity for the calculation that is surplus?