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 days gone by year or two with several payday advances that I continue steadily to spend and 2 credit cards all to try and endure every month. I quickly got an individual loan to try and make things easier by it to settle my other loans but that has been the worst thing i really could did since the business wound up deciding in which the cash would head to spend down my charge cards and such, and so I had been not able to spend one other loans with this cash and wound up utilizing my month-to-month earnings once once again, and my own loan is dual payback for just what I owe. I will be actually considering bankruptcy and was wondering do I have 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 card and line of credit in standard for over 7 years. Total amount around 40K. We never declared a bankruptcy. At very first i acquired phone phone phone calls from debt collectors, each of them stop after 2 years. Among the banking institutions sued me personally. I have no income that is garnishable no assests to seize. Matter 1. If i dont file for bankruptcy after all will my debts ultimately be written down as time passes? Question 2. If i file fo bankruptcy will the lawsuit disappear completely?

Many thanks ahead of time

Hi Vic. The debts never disappear. Nevertheless, 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 you have no assets or income if they already sued you and have a judgement, as noted above, there’s no much they can do with it. 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 card debt and from now on ICBC wants 10K to pay a claim out or pay 6 times more a thirty days. I really do have no assets. Automobile just isn’t mine but we insure it to operate a vehicle. I will be struggling to work and also perhaps not in over two decades and not is going to work once again. I’ve told the debtors there is simply no method of repaying also 1 cent when I just get $906 every month. As soon as 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 decades with telephone calls 5 or 6 times per week demanding cash. I am unable to just just simply take them calling anymore. My real question is, will there be someplace to head to register bankruptcy and so they perhaps not ask you for? My credit is shot time that is big therefore I don’t worry about bankruptcy wrecking it more. I simply want to buy all to disappear completely. I’m towards the true point, I just wish 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 fresh contact number could be the easiest and fastest solution. A lot of people declare bankruptcy to stop their wages from being garnisheed, but because you have no wages that’s maybe maybe perhaps not a presssing problem available for you. You are able to contact a trustee and so they can counsel you in your choices, including payment that is various.

We have a severe gambling addiction and have now gambled all my cash and owe $30,000 in personal credit card debt. I’m on Canada retirement plan and later years safety including as much as $1190 30 days and I also benefit 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 therefore spending one charge card with another which can’t carry on forever. I’ve read all about bankruptcy plus it seems like some creditors can refuse which scares me and I also don’t understand 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 destination. My begins and homeloan payment soon add up to $1000 per month. 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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