How can I Get Bankrupt If I’ve No Cash?

How can I Get Bankrupt If I’ve No Cash?

Hi dear sir, we will be on Ontario odsp. And owe 89,000$ cridet card financial obligation. My extremely 1st genuine real question is I told them i will be on odsp that i acquired a call from collection plus. Would the collection agency inform odsp for my debts and wouldn’t it influence my odsp. 2nd concern, whenever we file bankruptcy, nevertheless wouldn’t it influence my odsp. What i’m saying is in the event that odsp learn, will they stop my re re re payments. I will be exceptionally frightened and now we actually donРІР‚в„ўt determine what to achieve and contains now made my health worst. I’ve various types of anxiety. Plz advice me list of positive actions.

Hi Khpelwak. Due to privacy instructions, ODSP only will talk them, they’dn’t keep in touch with them with you regarding your file, maybe maybe not someone else, so even though the collection agency did phone. Owing money does not influence your ODSP, since eligibility for ODSP will depend on your wages and medical issue.

Filing bankruptcy does not influence your ODSP straight, because again it is actually centered on your investment returns, possibly maybe maybe not your finances.

You are able to register bankruptcy, but there is nevertheless however a cost to filing bankruptcy, often inside the quantity of $200 on a monthly basis for 9 months. Bankruptcy is a remedy to halt your wages from being garnisheed, but since you don’t have any wages, and because ODSP cannot garnishee your wages, a bankruptcy is practically not required for you physically. An Ontario bankruptcy trustee can explain your alternatives in greater detail.

Hi I merely got split. My spouse kept me personally physically with like 70 thousand dollars of monetary responsibility. 25 thousand in control cards. 20 thousand on a specific loan that is financial 25 thousand buck personal personal credit line. I’m on EI nevertheless it will quickly go out really and I additionally also may have no profits. It’s a thing that is tremendously stressful. Have always been I in a position to declare bankrupcy if we don’t have actually a task that is working. Many Many Thanks

Hi Troy. Yes, you can seek bankruptcy relief additionally if you donРІР‚в„ўt have work. Nonetheless, since one of the many purposes of bankruptcy is always to protect you against having your wages garnisheed, you could discover it is in your better interests to hold back patiently that you have actually one thing to safeguard before you work so. an insolvency that is licensed gives you increased information.

We’ve for ages been in $33000 debt with charge cards and personal line of credit.

It gives loan this is certainly osap of11315. I am making utilization of repayment help for osap and currently donРІР‚в„ўt invest any thing because i’ve no wages. We now have no task that is working finished up being maintaining all my re re payments just for couple of years. But we canРІР‚в„ўt are able to spend them anymore. We have no real household, no vehicle, no assests or any thing. I’ve no wages additionally. I’ll be considering making use of social assistance. Please inform me my alternatives. I am in excessively health that is bad and consider working is obviously maybe maybe not an alternative solution. Please advise. Whenever we donРІР‚в„ўt make any re re re re payments, will anything take place that is bad ? Shall we inform all my creditors that i’m not able to invest any further payments which are monthly ? Shall these are typically informed by me personally or maybe possibly perhaps not ? Shall we register bankrupcy ? We canРІР‚в„ўt have the ability to buy bank rupcy also. We now have 0 money on me personally. Please give a solution that is thoughtful. Best Wishes.

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