How To Get Bankrupt If We Have No Cash?

Hi, we get ODSP while having got directly into debt that is serious days gone by few years with numerous payday advances that I continue steadily to spend and 2 bank cards all to try and endure every month. However got an individual loan to attempt to make things easier by it to settle my other loans but that has been the worst thing i possibly could have inked as the business wound up deciding in which the cash would head to spend down my charge cards and such, therefore I ended up being struggling to spend one other loans with this cash and wound up making use of my month-to-month earnings once again, and my own loan is dual payback for just what I owe. I’m actually bankruptcy that is considering 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 revenue from ODSP is reported by one to your trustee.

Hello, we have credit line and card of credit in standard for over 7 years. Total amount around 40K. We never declared a bankruptcy. To start with i got phone telephone telephone calls from debt collectors, all of them stop after 2 years. One of many banking institutions sued me personally. We have no income that is garnishable no assests to seize. Matter 1. If i dont declare themselves bankrupt after all will my debts fundamentally be written down over time? Matter 2. If i file fo bankruptcy will the lawsuit disappear?

Many thanks in advance

Hi Vic. The debts never disappear. But, then there is no way for the credit card company to collect on the debt, so the fact that it continues to exist may be moot if you have no income that can be garnisheed, and if you have no assets.

If they currently sued both you and have judgement, as noted above, there’s no much they are able to do along with it for those who have no assets or earnings. Yes, if you declare themselves bankrupt the lawsuit as well as the judgement could be released into the bankruptcy.

Hi, i will be on PWD impairment and also have over 30K in credit debt now ICBC wants 10K to pay a claim out or pay 6 times more a thirty days. I actually do n’t have any assets. Vehicle just isn’t mine but we insure it to push. I’m struggling to work and possess perhaps maybe maybe maybe not in over twenty years rather than is going to work once again. I have told the debtors that there’s simply no means of repaying also 1 cent when I just get $906 each month. As soon as we spend lease and bills and insurance coverage (that we can’t get now), nothing is 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 am unable to simply just just take them calling anymore. My real question is, can there be someplace to go to register bankruptcy and so they maybe perhaps not ask you for? My credit payday loans Montana is shot time that is big therefore I don’t value bankruptcy wrecking it more. I recently are interested all to disappear. I’m towards the point, i recently wish to perish.

Hi Patti. For those who have no wages, the easiest choice might be to start a brand new banking account at a brand new bank, and acquire a brand new contact number so that they aren’t calling you. In the event that telephone calls would be the issue that is biggest, a unique telephone number will be the easiest and quickest solution. Many people declare themselves bankrupt to avoid their wages from being garnisheed, but because you do not have wages that’s perhaps not a presssing issue for you personally. It is possible to contact a trustee and additionally they can counsel you in your choices, including different repayment choices.

I’ve a gambling that is serious while having gambled all my cash and owe $30,000 in credit debt. I’m on Canada retirement plan and age that is old including as much as $1190 per month and I also 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 hence spending one bank card with another which can’t carry on forever. I’ve read exactly about bankruptcy plus it seems like some creditors can refuse which scares me personally and I also don’t determine if I’m able to manage banksupsy. Can they garnish my McDonald’s wages? Then how to manage to eat. I’d like to help keep my place. My begins and homeloan payment soon add up to $1000 four weeks. We need help and advice. You are hoped by me can advise me personally only a little before We apply. Many thanks