following trustee advice – am I creditor proof?

March 4th, 2006 by Questions

My initial meeting with a trustee answered many of my questions. She advised me that it was pointless in going bankrupt,negotiating a consumer proposal or contacting a credit counselling service .She told me that I was creditor proof . I think bankruptcy can be very lucrative for a trustee .There are numerous ads in the media .I guess I was hesitant to contact a trustee because I wondered if they would steer me towards the option that would benefit them rather than what was best for me.I was wrong to have this impression. I am doing what she told me (do nothing). She spent more than an hour with me and I was charged nothing. Since I have a low income, no assets I haven’t paid my creditors in 4-5 months because I don’t have any money .
I am getting nervous now because my creditors are threatening me with legal action. I own about 5000 in personal belongings (furniture ,dishes ,clothes etc) The trustee told me they couldn’t take my personal stuff. I am really sweating it out now to see if they really can’t. Would someone confirm this for me? thank you so much and thank you for the great integrity people in your occupation reflect.

Questions

One Response to “following trustee advice – am I creditor proof?”



, Barton Goth, GCO Inc. Bankruptcy Trustees said:

As long as you haven’t pledged any of your assets to your creditors and their values fall below the amount that is allowable under your provinces statutory exemptions you shouldn’t have any trouble. All the creditors will be able to do is sue you, obtain a judgment, but they won’t be able to collect on that judgment unless you obtain a different source of income or assets above the provincial exemptions come into your possession.

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