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 very first real question is that i obtained a call from collection and I also told them i will be on odsp. Would the collection agency inform odsp for my debts and wouldn’t it affect my odsp. Second concern, if we file bankruptcy, nevertheless wouldn’t it influence my odsp. After all if the odsp learn, will they stop my re re re payments. We am extremely frightened and We actually donвЂ™t know very well what to accomplish and has now 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 your file, perhaps perhaps maybe maybe not someone else, so just because the collection agency did phone them, they’dnвЂ™t speak with them. Owing cash doesn’t influence your ODSP, since eligibility for ODSP is dependant on your earnings and medical problem.
Filing bankruptcy will not impact your ODSP directly, because again it’s according to your revenue, perhaps perhaps maybe not the money you owe.
You can register bankruptcy, but there is however an expense to bankruptcy that is filing frequently when you look at the array of $200 each month for 9 months. Bankruptcy is a solution to stop your wages from being garnisheed, but because you don’t have 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 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 charge cards.20 thousand on a individual financial loan and 25 thousand buck line of credit. I’m on EI however it will come to an end as soon as possible and I also could have no earnings. ItвЂ™s a really stressful thing. May I declare bankrupcy if I donвЂ™t have work at this time. Many Many Thanks
Hi Troy. Yes, you are able to declare themselves bankrupt also in the event that you donвЂ™t have work. Nevertheless, since one of many 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 hold back before you will work to make sure you have one thing to guard. an insolvency that is licensed provides you with increased information.
We have always been in $33000 financial obligation with bank cards and personal credit line. It provides osap loan of $11315. I will be making use of payment help for osap and currently donвЂ™t spend any plain thing because i’ve no wages. I’ve no task but ended up being maintaining all my re re re payments for just two years. But we canвЂ™t manage to spend them any longer. We have no house, no automobile, no assests or any thing. No wages are had by me also. I am thinking about using social support. 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 donвЂ™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 perhaps not ? Shall we register bankrupcy ? We canвЂ™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. 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 unique banking account at a fresh bank and doing absolutely absolutely nothing can be an option that is viable. You can merely inform creditors that you have got no earnings. They might phone that you times that are few but after 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 again don’t have any possiblity to get bankrupt. i dropped at the office last year and today must go on ODSP , but income canada nevertheless takes every cent it could kinda makes my life on impairment hard.bad system..told I would personally should spend $240 four weeks for 9 months , but after lease ,hydro i dont have that letf. this is certainly much.
Hi Garth. I suggest you contact an amount of trustees in your town and view when there is a trustee who are able to do your bankruptcy for under $240 per thirty days, or and also require other available choices so that you could give consideration to.
We are now living in Quebec, am a student that is full-time solitary mom of the 3 yrs old, located in subsidized housing, without any assets and my income source is figuratively speaking. online payday loans Illinois I’ve been holding debts that are crippling 15 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. May I carry on likely to college and getting education loan if we get bankrupt? What are the fees that are reduced low earnings people when it comes to bankruptcy? All of the debts are actually in collections, a lot of them I did sonвЂ™t understand they existed until recently. I must say I might like to do a bankruptcy (so that i will reconstruct my credit for good), but i will be concern on the affordability while i will be students.
You can easily 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 perhaps not it’s the proper choice for you personally, you really need to consult an authorized insolvency trustee to examine your alternatives.
Hello, we am about $50000 with debt as a result of disease we suffered in past times Currently we am employed time that is full a domestic home supervisor plus in lieu of pay, we get a unit rent free combined with the utilities taken care of and television, phone and internet covered. I really do 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 an product, but that’s a spratic thing. My child fundamentally supplies us with this food and transport when I donвЂ™t very own a car in accordance with our medicines. At the best I may get $500 per extra for painting month. Am I able to get bankrupt in this example? I truly have always been perhaps maybe perhaps not enthusiastic about customer proposition. Your ideas and IвЂ™m placed on this will be significantly valued. many thanksвЂ¦
Hi Richard. Yes, you are able to get bankrupt in your position. For purposes associated with the income that is surplus your rent could be considered element of your revenue, but we suspect it could maybe perhaps maybe not make much distinction, therefore the bankruptcy is reasonably low priced for you personally. I recommend you contact an insolvency that is licensed for a totally free initial assessment to examine your choices.
We owe roughly 16k to my td visa with no assets or task. I became thinking about returning to school while being on education loan. Essentially, IвЂ™m maybe maybe not considering employed by minimum the second three years in order that I’m able to 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 might get back 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 the proposition since we can’t manage our debts. IвЂ™ve been away from work with one year 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 offer that quantity when it comes to surplus calculation?