leaving job and declaring bankruptcy

July 18th, 2008 by Questions

If I quit my job in Montreal and moved to Toronto to look for a better employment, however currently I am unemployed , can I still declare bankruptcy ? Will i be able to keep at least 2000-3000$ savings for current living until I find the job?

Thank you

Posted from: Quebec

Questions

One Response to “leaving job and declaring bankruptcy”


July 21, 2008 at 10:02 am, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:

There is nothing preventing you from filing bankruptcy if you are unemployed, but there may be two problems that result.

The first problem is paying for the bankruptcy. There is a cost and with no income coming in this may be difficult to do.

The second relates to your savings. Likely a portion (and potentially all of your savings) could be required to be paid into your trustee as part of the bankruptcy. While I don’t have sufficient details to determine if this is the case or not, it is possible.

As a result the best thing for you to do is to contact a local trustee, explain the situation and they will be able to advise you what will take place.

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