Advantage of declaring bankruptcy
July 17th, 2007 by Questions
Assume I\’am earning a low income , don\’t have significant assets in Canada to seize and am planning to leave the country in a couple of years…..
Is there any advantage for me by declaring bankruptcy?
The only advantage I can think of is that I will be able to reestablish credit a few years down the line. In my situation it is not going to matter.
There is a disadvantage though , I will be losing the few thousand dollar savings that I have and when I leave I may be reduced to borrowing from friends for my airfare out of Canada.
Instead I could take all my money out of the bank , stuff it in my mattress , just wait for the creditor(s) to get a judgement and start garnisheeing the 20% of my wages that they can. That will probably give me a six to eight month window when I can put away some more money , then let them garnishee for a few more months and finally take my money and fly out of Canada.
Are there any other advantages to declaring bankruptcy in my case?