How To Get Bankrupt If I’ve No Cash?
Hi dear sir, i will be on Ontario odsp. And owe 89,000$ cridet card financial obligation. 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 influence my odsp. 2nd concern, if we file bankruptcy, still would it not influence my odsp. I am talking about if the odsp learn, will they stop my re re payments. We am extremely frightened and We actually donвЂ™t understand what to accomplish and has now made my wellness worst. I’ve various kinds of anxiety. Plz advice me what you should do.
Hi Khpelwak. Because of privacy guidelines, ODSP will simply communicate with you regarding the file, maybe maybe not someone else, so regardless of if the collection agency did phone them, they’dnвЂ™t keep in touch 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 really is considering your earnings, perhaps maybe maybe not your financial situation.
You can register bankruptcy, but there is however a price to bankruptcy that is filing frequently when you look at the variety of $200 each month for 9 months. Bankruptcy is a solution to stop your wages from being garnisheed, but as you do not have wages, and because ODSP cannot garnishee your wages, a bankruptcy is almost certainly not necessary for you personally. 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 bank that is personal 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. Am I able to declare bankrupcy if I donвЂ™t have actually task at this time. Many Many Thanks
Hi Troy. Yes, it is possible to even declare bankruptcy in the event that you donвЂ™t have task. But, since one of many purposes of bankruptcy would be to protect you against getting your wages garnisheed, you might find its in your absolute best passions to hold back before you will work to make sure you have one thing to safeguard. 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 provides loan that is osap of11315. I will be making use of payment help for osap and currently donвЂ™t spend 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 canвЂ™t manage to spend them any longer. We have no true house, no vehicle, no assests or any thing. No wages are had by me also. I will be thinking about using assistance that is social. Please let me know my choices. I’m in really bad health issue and consider working just isn’t an alternative. Please advise. If We donвЂ™t make any re re payments, will anything bad happen ? Shall we inform all my creditors that i will be maybe not in a position to spend any longer monthly premiums ? Shall they are informed by me or perhaps perhaps maybe 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. Kind Regards.
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 absolutely absolutely nothing could be a viable choice. You might just inform creditors that you’ve got no earnings. They could phone you a times that are few but when they understand you’ll find nothing 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 once once again don’t have any opportunity to get bankrupt. i dropped at your workplace during 2009 and today must survive ODSP , but income canada nevertheless takes every cent it may kinda makes my entire life on impairment hard.bad system..told I might need certainly to spend $240 30 days for 9 months , but after rent ,hydro i dont have that much letf..
Hi Garth. I will suggest you contact a wide range of trustees in your town and view if you have a trustee who are able to do your bankruptcy for under $240 per thirty days, or and also require additional options so that you can give consideration to.
We reside in Quebec, am a full-time pupil, solitary mom of the 3 yrs old, surviving in subsidized housing, without any assets and my income source is student education loans. I have already been holding crippling debts for 15 years. Recently, a family group people with a near $3000 cell phone bill that I co-signed for left me. My debts amounts to over $20k. Could I carry on likely to college and student that is receiving if we get bankrupt? What are the fees that are reduced low earnings people when it comes to bankruptcy? Almost all of the debts are now actually in collections, many of them I did sonвЂ™t know they existed until recently. I truly might like to do a bankruptcy (therefore that i will reconstruct my credit forever), but i’m concern on the affordability while i’m a student.
You are able to get bankrupt and continue in school, and carry on getting student education loans. In many situations the education loan loan provider will need a page through the trustee acknowledging that the newest figuratively speaking will never be area of the bankruptcy. 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 due to disease we suffered into the past 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 together with the utilities taken care of and television, phone and internet taken care of. I actually do maybe maybe perhaps not get a paycheck. I really do receives a commission periodically individually if I really do one thing outside my task description such as for example painting a product, but that’s a thing that is spratic. My daughter essentially provides us with this food and transport when I donвЂ™t very own an automobile along with our medicines. At the best I may get $500 per extra for painting month. Could I get bankrupt in this case? I truly have always been perhaps perhaps maybe not thinking about customer proposition. Your ideas and IвЂ™m placed on this could be significantly valued. many thanksвЂ¦
Hi Richard. Yes, you are able to get bankrupt in your position. For purposes for the surplus income calculation your rent could be considered element of your revenue, but we suspect it might perhaps maybe maybe not make much distinction, therefore the bankruptcy will be fairly cheap 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 became thinking about returning to college while being on a learning education loan. Essentially, IвЂ™m maybe maybe not thinking about employed by minimum the following 3 years in order that i could consider college. I would like to know very well what are my likelihood of getting sued by td visa?
Hi Regis. When you have no earnings, and TD understands you’ve got no earnings, the chances of these suing you may be suprisingly low. Also you, you have no income to garnishee if they do sue. Therefore, you might get back to college, and just cope with TD you, or when you graduate if necessary if they sue.