disabled and in debt

December 7th, 2005 by Questions

I am in serious debt after spending 8 years in university , about 50,000 in student loans . I also owe about 20,000 dollars in unsecured credit card debt. I have never had a job. Not long after my graduation I became disabled . I will never be able to do any kind of work in my life . Since I had never worked I do not qualify for Canada Pension .My income is 500 month from social assistance . My creditors are getting ready to force the issue in court . Can I afford to seek help from a bankrupt trustee . Will they attempt to sway me away if they know my income is 500 month. My rent is almost 400 a month and have little left for food and utilities .

Questions

One Response to “disabled and in debt”



, Barton Goth, GCO Inc. Bankruptcy Trustees said:

The best thing you can do is to consult with a trustee. From the sounds of things you may be creditor proof (i.e. the assistance income you receive is exempt from any creditor action and with out any substantial assets it is doubtful the creditors would be able to attack any of these either). If it proves that you are not creditor proof and are unable to pay anything, some trustees participate in the Bankrupty assistance program (http://strategis.ic.gc.ca/epic/internet/inbsf-osb.nsf/en/br01331e.html) where the cost of a bankruptcy may be reduced. However, in most cases the cost of the bankruptcy is based on the rules set out by the government, so a no cost bankruptcy is very unusual.

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