June 22nd, 2008 by Questions
Can a person go bankrupt if they quit or lose their job?
Posted from: Ontario
June 23, 2008 at 9:02 am, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:
There is no requirement for you to be employed to file a bankruptcy. The only difficulty that it may provide is that there is a cost to a bankruptcy and if you are not able to make the necessary payments required in your bankruptcy you will not be discharged from your debts.
However, when you are in a position with limited income you may find that you are creditor proof. Meaning that your income and assets are not sufficient for your creditors to be able to anything to force payment. For more information you are best to contact a local trustee directly.
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