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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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can I go bankruptcy if I am not working?

I am thinking about going bankrupt because of a outstanding student loan.I also have 2 children and have overweling debt.Can someone go bankrupt that is not working and is recieving income support?

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One Response to “can I go bankruptcy if I am not working?”

A licensed trustee said...

Yes you may, but whatever counselor or trustee you speak to may suggest that you wait until you return to work.

Many people don’t realize that there is a cost associated with filing bankruptcy (for example most people have to make a monthly payment to their trustee to cover the cost of filing bankruptcy).

If you are on some form of assistance then you may be “creditor proof” – that simply means that your creditors cannot take money directly from your assistance. You still owe the money and therefore eventually you will have to deal with the debt, but while you are on assistance your creditors are effectively held at bay.

The reason you might be told to wait until you return to work in order to file bankurptcy is simply that you probably have more important things to be spending your money on than bankruptcy fees.

You may want to contact a local trustee to discuss this further – use the links on the side of the page to find a trustee in your area.