How Do I Get Bankrupt If We Have No Cash?

How Do I Get Bankrupt If We Have No Cash?

Hi, we get ODSP while having got directly into debt that is serious the last year or two with numerous payday advances that I continue steadily to spend and 2 charge cards all to try and endure every month. I quickly got your own loan to try and make things easier by it to repay my other loans but that has been the worst thing i possibly could have inked since the business wound up deciding in which the cash would visit spend down my charge cards and such, thus I ended up being struggling to spend the other loans with this cash and finished up utilizing my month-to-month earnings once once again, and my own loan is dual payback for just what we owe. I will be actually considering bankruptcy and was wondering do I have actually to report to ODSP if We had been to register. Many thanks

Hi Stephanie. No, you don’t report your bankruptcy to ODSP. Your earnings from ODSP is reported by you to definitely your trustee.

Hello, i have credit line and card of credit in standard for more than 7 years. Total amount around 40K. I never declared a bankruptcy. To start with i acquired telephone calls from debt collectors, each of them stop after 2 years. One of several banking institutions sued me personally. I’ve no income that is garnishable no assests to seize. Matter 1. If i dont declare themselves bankrupt at all will my debts sooner or later be written down over time? Matter 2. If i file fo bankruptcy shall the lawsuit disappear completely?

Many thanks ahead of time

Hi Vic. The debts never disappear completely. Nonetheless, when you yourself have no income that may be garnisheed, of course you have got no assets, then there’s not a way for the bank card business to get from the financial obligation, therefore the proven fact that it will continue to occur could be moot.

If they currently sued you and have a judgement, as noted above, there’s no much they are able to do along with it when you yourself have no assets or earnings. Yes, if you declare themselves bankrupt the lawsuit therefore the judgement will be released into the bankruptcy.

Hi, i will be on PWD impairment and possess over 30K in credit debt and today ICBC wants 10K to pay down a claim or pay 6 times more a thirty days. I actually do have no assets. Automobile just isn’t mine but we insure it to operate a vehicle. I’m struggling to work and possess maybe maybe maybe not in over two decades rather than will continue to work once more. We have told the debtors there is simply no method of repaying also 1 cent when I just get $906 each month. As soon as we spend lease and bills and insurance coverage (that I can’t get now), you’ll find nothing kept for meals. It has been happening for a long time with telephone calls 5 or 6 times per week money that is demanding. I can’t simply simply simply take them calling anymore. My real question is, will there be someplace to head to register bankruptcy and so they perhaps not charge a fee? My credit is shot time that is big therefore I don’t value bankruptcy wrecking it more. I recently are interested all to disappear completely. I’m to your true point, i recently would you like to perish.

Hi Patti. So they are not calling you if you have no wages, the simplest option may be to open a new bank account at a new bank, and get a new phone number. In the event that telephone calls will be the biggest problem, a brand new contact number could be the easiest and fastest solution. Many people file for bankruptcy to avoid their wages from being garnisheed, but as you do not have wages that’s perhaps maybe maybe not issue for you personally. It is possible to contact a trustee and additionally they can give you advice on the choices, including payment that is various.

I’ve a gambling that is serious and also have gambled all my cash and owe $30,000 in credit debt. I’m on Canada retirement plan and later years safety including as much as $1190 30 days and I work with McDonald’s getting about $800 per month. I’ve really considered committing suicide. We have quit gambling but can’t afford my payments thus spending one bank card with another which can’t continue forever. I’ve read exactly about bankruptcy and it also appears like some creditors can refuse which scares me personally and I also don’t determine if i will pay for banksupsy. Can they garnish my McDonald’s wages? Then how do I manage to consume. I’d like to help keep my spot. My begins and homeloan payment soon add up to $1000 30 days. We need help and advice. You are hoped by me can advise me personally just a little before We use. Many thanks

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