Just how do I Get Bankrupt If I’ve No Cash?

Hi dear sir, we will be on Ontario odsp. And owe 89,000$ cridet card debt. My very first genuine real question is we told them i will be on odsp that I got a call from collection plus. Would the collection agency inform odsp for my debts and wouldn’t it influence my odsp. 2nd concern, when we file bankruptcy, however wouldn’t it influence my odsp. What i’m saying is in the event that odsp learn, will they stop my re re payments. I will be exceedingly frightened therefore we actually donРІР‚в„ўt know very well what to complete 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 tips, 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 cash does not influence your ODSP, since eligibility for ODSP will depend on your profits and problem that is medical.

Filing bankruptcy does not influence your ODSP straight, because again it is actually based on your wages, possibly maybe maybe maybe not your financial predicament.

You are able to register bankruptcy, but there is nevertheless however a cost to filing bankruptcy, usually inside the amount of $200 on a monthly basis for 9 months. Bankruptcy is a solution 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 certainly not needed for you actually. An Ontario bankruptcy trustee can explain your alternatives in greater detail.

Hi I merely got visit split. My spouse kept me individually with like 70 thousand dollars of economic obligation. 25 thousand in control cards. 20 thousand for a specific loan that is financial 25 thousand dollar individual personal credit line. I’m on EI nevertheless it shall quickly come to an end extremely and I additionally also might have no profits. It’s a thing that is tremendously stressful. Have always been we able to declare bankrupcy when 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. However, since one of the main purposes of bankruptcy is to protect you against having your wages garnisheed, you could see it is in your better interests to hold back patiently which you have one thing to safeguard until such time you will work therefore. an insolvency that is certified gives you increased information.

We now have been in $33000 debt with charge cards and personal line of credit.

It gives loan this is certainly osap of11315. I’ll be making usage of repayment support for osap and currently donРІР‚в„ўt invest any thing because i’ve no wages. We now have no task that is working wound up being keeping all my re re re payments for only 2 yrs. But we canРІР‚в„ўt find a way to pay them any more. We now have no house that is true no car, no assests or any thing. I’ve no wages additionally. I am considering making use of help that is social. Please inform me my choices. I’ll be in exceedingly bad ailment and consider working is unquestionably perhaps perhaps perhaps 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 notify all my creditors that i’m not able to invest any more payments which are month-to-month ? Shall I inform them or possibly perhaps perhaps not ? Shall we register bankrupcy ? We canРІР‚в„ўt are able to buy bank rupcy additionally. We’ve 0 money on myself. Please give a solution this is certainly thoughtful. Best Wishes.