How To Get Bankrupt If We Have No Cash?

How To 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 pay day loans that I continue steadily to pay and 2 charge cards all to try and endure every month. I quickly got an individual loan to attempt to make things easier from it to settle my other loans but which was the worst thing i really could have inked as the business finished up deciding where in fact the cash would visit spend my credit cards off and such, and so I was not able to spend one other loans with that cash and wound up utilizing 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 card and line of credit in standard for more than 7 years. Total quantity around 40K. I never declared a bankruptcy. At very first i acquired phone phone calls from debt collectors, all of them stop after 2 years. One of many banking institutions sued me personally. We have no garnishable earnings and no assests to seize. Matter 1. If i dont file for bankruptcy at all will my debts ultimately be written down over time? Matter 2. If i file fo bankruptcy will the lawsuit disappear completely?

Many thanks ahead of time

Hi Vic. The debts never disappear completely. 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 could do along with it when you yourself have no assets or earnings. Yes, if you file for bankruptcy the lawsuit while the judgement could be released into the bankruptcy.

Hi, i will be on PWD impairment and possess over 30K in credit debt now ICBC wants 10K to pay a claim out or pay 6 times more a thirty days. I really do n’t have any assets. Automobile just isn’t mine but we insure it to push. I will be struggling to work and also perhaps not in over twenty years rather than will be able to work once again. We have told the debtors there is simply no method of repaying also 1 cent when I just get $906 each month. When we spend lease and bills and insurance coverage (that we can’t get now), you’ll find nothing kept for meals. It has been taking place for a long time with telephone calls 5 or 6 times per week demanding cash. I am unable to just simply take them calling anymore. My real question is, will there be someplace to head to register bankruptcy plus they maybe maybe maybe not ask you for? My credit is already shot time that is big and so I don’t worry about bankruptcy wrecking it more. I simply want to buy all to disappear completely. I’m to your point, i recently 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 calls would be the biggest problem, a unique telephone number will be the easiest and fastest solution. A lot of people declare themselves bankrupt to stop their wages from being garnisheed, but because you do not have wages that’s perhaps maybe perhaps not a presssing issue available for you. You are able to contact a trustee and so they can counsel you on the choices, including different repayment choices.

I’ve a gambling that is serious while having gambled all my cash and owe $30,000 in personal credit card debt. I’m on Canada retirement plan and age that is old adding as much as $1190 30 days and I also work with McDonald’s getting about $800 four weeks. I’ve really considered committing committing committing suicide. We have quit gambling but can’t afford my payments hence having to pay one charge card with another which can’t carry on 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’m able to pay for banksupsy. Can they garnish my McDonald’s wages? Then how to manage to consume. I’d like to help keep my destination. My begins and homeloan payment total up to $1000 30 days. We need help and advice. You are hoped by me can advise me personally only a little before We use. Thank you

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