September 19th, 2013 by Questions
How do I file for bankruptcy when I am a low income senior? Will I loose any of my pension?
Posted from: Alberta
September 19, 2013 at 6:01 am, A licensed trustee said:
To file bankruptcy you need to speak to a trustee – they will probably try and talk you out of filing. As a senior, your pension income probably can’t be seized or garnisheed – that means you are already fairly well protected under the law from your creditors.
Having said that, if you want to file you may. Your pension will not be affected. You will be subject to the same income test as everyone else that files – in other words the cost to file for bankruptcy will be based on your income including your pensions and what you own.
Whichever trustee you see will explain all of this in greater detail.
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