unemployed, not eligible for EI and in debt

September 10th, 2013 by Questions

I am thinking of filing for bakruptcy, this will be the first time. I owe rev cda about 3500.00 and have 14,000 in unsecured debt in a loan from the bank. My only source of income is a 4500.00 withdrawal from a LRSP (i’m 55) which has to last me until I find another job. My rent is 756.00 and I have car insurance and other living expenses. If I file for bankruptcy, how do I afford the bankruptcy payments. Are they calculated accordingly? Also if my Lrsp withdrawal is my only money coming in, can that be seized?

Posted from: British Columbia


One Response to “unemployed, not eligible for EI and in debt”

September 10, 2013 at 6:55 am, A licensed trustee said:

I think before you make your withdrawal from your LRSP you should speak to a trustee in your area. At this point I am not sure you should be doing anything to deal with your debts – your priority has to be to “live” (food, shelter, etc). Once your situation stabilizes you can decide whether or not bankruptcy makes sense. Maybe if you are working you can file a proposal or a debt management plan to deal with your debts.

I realize things seem pretty bleak, but now’s the right to do some research and hold off on any decisions until things improve.

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