Hi dear sir, i’m on Ontario odsp. And owe 89,000$ cridet card financial obligation. My first real question is I told them I am on odsp that I got a call from collection and. Would the collection agency inform odsp for my debts and would it not impact my odsp. 2nd concern, if we file bankruptcy, nevertheless would it not impact my odsp. After all if the odsp learn, will they stop my re re re payments. We am extremely frightened and We actually don’t understand what to complete and contains made my wellness worst. I’ve various kinds of anxiety. Plz advice me how to proceed.
Hi Khpelwak. Because of privacy guidelines, ODSP will simply communicate with you about your file, maybe perhaps perhaps not someone else, so whether or not the collection agency did phone them, they’dn’t speak with them. Owing cash doesn’t influence your ODSP, since eligibility for ODSP is dependant on your revenue and condition.
Filing bankruptcy doesn’t directly influence your ODSP, because again it really is predicated on your earnings, perhaps maybe maybe not your financial situation.
You can register bankruptcy, but there is however a price to bankruptcy that is filing frequently when you look at the array of $200 each month for 9 months. Bankruptcy is a solution to http://cash-central.com/payday-loans-ga/ stop your wages from being garnisheed, but because you don’t have any wages, and since ODSP cannot garnishee your wages, a bankruptcy may possibly not be necessary for you personally. An Ontario bankruptcy trustee can explain your choices in detail.
Hi i recently got divided. My partner left me personally with like 70 thousand bucks of debt.25 thousand in bank cards.20 thousand on a individual financial loan and 25 thousand buck personal line of credit. I will be on EI nonetheless it will soon run out very and I also need no earnings. It’s a rather thing that is stressful. Could I declare bankrupcy if we don’t have task at this time. Many Many Many Thanks
Hi Troy. Yes, it is possible to declare themselves bankrupt also in the event that you don’t have task. Nevertheless, since one of the most significant purposes of bankruptcy would be to protect you against getting your wages garnisheed, you will probably find it really is in your absolute best passions to wait patiently and soon you will work to make sure you have actually one thing to guard. an insolvency that is licensed can offer you with an increase of information.
We have always been in $33000 financial obligation with bank cards and credit line. It provides osap loan of $11315. I’m utilizing payment assistance for osap and currently don’t spend any plain thing because i’ve no wages. We have no working task but had been maintaining all my re payments for just two years. But we can’t manage to spend them any longer. I’ve no house, no vehicle, no assests or any thing. No wages are had by me even. I’m thinking about using assistance that is social. Please let me know my choices. I will be in really bad health issue and consider working just isn’t a choice. Please advise. If We don’t make any re re re re payments, will anything happen that is bad ? Shall we inform all my creditors that i’m maybe not in a position to spend more payments that are monthly ? Shall we let them know or perhaps maybe not ? Shall we file bankrupcy ? We can’t manage to purchase bank rupcy also. I’ve 0 cash on me personally. Please give a thoughtful solution. Best Wishes.
Hi Dave. You could stop making payments and the creditors would be unable to garnishee your wages or seize assets if you have no assets to seize, and no wages to garnishee. Therefore, for you personally, starting an innovative new banking account at a brand new bank and doing absolutely absolutely nothing might be an option that is viable. You can merely inform creditors that you’ve got no earnings. They could phone that you few times, but when they understand nothing is to gather chances are that they can curtail their collection task.
when I have discovered out of the bad that will never ever work once again haven’t any opportunity to get bankrupt. i dropped in the office in 2009 and from now on must go on ODSP , but income canada nevertheless takes every cent it may kinda makes my entire life on impairment hard.bad system..told I might have to spend $240 four weeks for 9 months , but after lease ,hydro i dont have that much letf..
Hi Garth. I suggest you contact an amount of trustees in your town and view when there is a trustee who is able to do your bankruptcy for under $240 per thirty days, or and also require other choices for you really to start thinking about.
We reside in Quebec, am a student that is full-time solitary mom of the 3 yrs old, staying in subsidized housing, without any assets and my income source is student education loans. I’ve been holding crippling debts for fifteen years. Recently, a household users with a near $3000 cell phone bill that I co-signed for left me. My debts amounts to over $20k. Could I carry on planning to college and student that is receiving if we get bankrupt? What are the reduced charges for low earnings people for the bankruptcy? All the debts are actually in collections, many of them I did son’t understand they existed until recently. I must say I wish to accomplish a bankruptcy (therefore that I am able to reconstruct my credit for good), but i will be concern within the affordability while i will be students.
You can get bankrupt and continue in school, and carry on getting figuratively speaking. The student loan lender will want a letter from the trustee acknowledging that the new student loans will not be part of the bankruptcy in most cases. Are you aware that price of a bankruptcy, and whether or perhaps not it’s the proper choice you should consult a licensed insolvency trustee to review your options for you.
Hello, we am about $50000 with debt as a result of infection we suffered into the past Currently we am employed time that is full a residential home supervisor as well as in lieu of pay, we be given a unit hire free combined with the utilities taken care of and television, phone and internet taken care of. I really do perhaps maybe not get a paycheck. I actually do receive money sometimes individually if I actually do one thing outside my work description such as for example painting an product, but that’s a thing that is spratic. My child fundamentally provides us with this food and transport when I don’t very own a car in accordance with our medicines. At most readily useful I may get $500 per thirty days additional for artwork. May I get bankrupt in this case? I truly have always been maybe maybe perhaps not thinking about customer proposition. Your ideas and I’m placed on this could be significantly valued. many thanks…
Hi Richard. Yes, it is possible to get bankrupt in your circumstances. For purposes of this surplus income calculation your rent will be considered element of your revenue, but we suspect it could maybe perhaps perhaps perhaps not make much huge difference, and so the bankruptcy could be reasonably inexpensive for you personally. I would recommend you contact an authorized insolvency trustee for a totally free initial assessment to examine your choices.
We owe roughly 16k on my td visa with no assets or work. I happened to be thinking about returning to college while being on education loan. Essentially, I’m maybe maybe not thinking about doing work for minimum the second 36 months to ensure that i will give attention to college. I would like to understand what are my likelihood of getting sued by td visa?
Hi Regis. When you yourself have no earnings, and TD understands you have got no income, the chances of those suing you may be really low. Also when they do sue you, you’ve got no earnings to garnishee. Therefore, you might get back to college, and just handle TD when they sue you, or whenever you graduate if required.