How Do I Get Bankrupt If We Have No Cash?

How Do I Get Bankrupt If We Have No Cash?

Hi dear sir, i’m on Ontario odsp. And owe 89,000$ cridet card debt. My very very 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 wouldn’t it impact 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. I’ve various types of anxiety. Plz advice me how to proceed.

Hi Khpelwak. As a result of privacy guidelines, ODSP is only going to speak with you regarding the file, perhaps maybe maybe maybe not someone else, so regardless of if the collection agency did call them, they wouldn’t keep in touch with them. Owing cash doesn’t influence your ODSP, since eligibility for ODSP will be based upon your revenue and medical problem.

Filing bankruptcy will not impact your ODSP directly, because again it’s centered on your earnings, perhaps perhaps perhaps not the money you owe.

You might register bankruptcy, but there is however a price to filing bankruptcy, frequently into the variety of $200 every 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 may possibly not be necessary available for you. An Ontario bankruptcy trustee can explain your alternatives in increased detail.

Hi i simply got divided. My spouse left me with like 70 thousand bucks of financial obligation.25 thousand in bank cards.20 thousand on a bank that is personal and 25 thousand buck line of credit. I’m on EI nonetheless it will come to an end quickly and I need no earnings. It’s a tremendously thing that is stressful. Am I able to declare bankrupcy if I don’t have actually a working task at this time. Many Many Thanks

Hi Troy. Yes, you are able to even declare bankruptcy in the event that you don’t have task. But, since one of the most significant purposes of bankruptcy is always to protect you against getting your wages garnisheed, you will probably find it’s in your absolute best passions to wait patiently unless you will work to make sure you have actually one thing to guard. an authorized insolvency trustee can offer you with an increase of information.

We have always been in $33000 financial obligation with charge cards and credit line. It offers osap loan of $11315. I will be utilizing payment support for osap and currently don’t spend any plain thing because We have no wages. I’ve no work but ended up being maintaining all my re re payments for just two years. But I can’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 will be 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 just isn’t a choice. Please advise. If We don’t make any re 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 perhaps perhaps not ? Shall we file bankrupcy ? I can’t manage to buy 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 you personally, starting a unique bank-account at a brand new bank and doing absolutely nothing could be an option that is viable. You might merely inform creditors that you have got no earnings. They could phone that you few times, but after they understand nothing is to gather the likelihood is that they can curtail their collection task.

when I have discovered out of the bad who can never ever work once once once once again do not have opportunity to get bankrupt. i dropped at the job 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 letf. this is certainly much.

Hi Garth. I suggest you contact a wide range of trustees in your town and determine if you have a trustee who are 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 single mom of the 3 yrs old, surviving in subsidized housing, without any assets and my revenue stream is figuratively speaking. I’ve been holding crippling debts for 15 years. Recently, a household people that I co-signed for left me by having a near $3000 mobile phone bill. My debts amounts to over $20k. Could I carry on planning to college and getting education loan if we get bankrupt? Any kind of fees that are reduced 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 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 student education loans. More often than not the student loan loan provider will require a page through the trustee acknowledging that the newest student education loans will never 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 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 get a unit hire free combined with the utilities taken care of and television, phone and internet paid for. I really do perhaps maybe perhaps perhaps not be given a paycheck. I actually do receive money sometimes individually if I actually do one thing outside my work description such as for example painting a product, but that’s a thing that is spratic. My child essentially provides us with your food and transport when I don’t very very own a car along with our medicines. At the best I may get $500 per extra for painting month. Am I able to get bankrupt in this case? I truly have always been maybe maybe maybe not enthusiastic about customer online payday LA proposition. Your ideas and I’m placed on this will be significantly valued. Thank you…

Hi Richard. Yes, you are able to get bankrupt in your circumstances. For purposes for the surplus income calculation your rent could be considered element of your earnings, but we suspect it might perhaps perhaps perhaps perhaps not make much distinction, and so the bankruptcy will be fairly low priced for your needs. I would recommend you contact an insolvency that is licensed for the totally free initial assessment to examine your choices.

We owe roughly 16k back at my td visa and no assets or task. I happened to be thinking about returning to college while being for pupil loan. Fundamentally, I’m maybe not thinking about employed by minimum the following 3 years to make certain that I’m able to consider college. I do want to know very well what are my probability 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 when they do sue you, you’ve got no earnings to garnishee. 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 a proposition since we can not pay for our debts. I’ve been away from benefit one year and half and am in long term dissability that is non taxable while doing my income taxes so I do not claim it. My real question is do i must provide that quantity when it comes to calculation that is surplus?

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