Ministry of training colleges and universities
August 26th, 2014 by Questions
Ministry of training colleges and universities – I have separated since Nov 1/12, with no separation agreement in place, we sold our home and I paid some debt as well as lawyer fees. I own a business with my ex which I have not seen any money from dividends. He was to buy me out and since has decided to close it down which may leave me with even more debt. I have been laid off and am receiving EI.
I have applied and been accepted for the second career program and will be attending college in Sept. The living allowance I will receive once EI runs out (Nov 7/14) will only cover my rent, utilities, internet and food) I can work part time to a maximum of 20 hrs per week as long as it does not affect my grades. I do not think it will be enough to continue to pay my debts. I receive this funding while I attend school. Therefore from April to Sept, I will hopefully be able to find temporary employment that will pay enough to pay my living expenses (rent, utilities, food) and will reapply to attend the second year of my program.
I am an older adult and am unsure of what to do. Please provide me with advice.
With all that said, I am unsure if this will affect my opportunity to participate in the Second Careers program which would leave me at an even greater loss…..what to do?
Posted from: Ontario
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August 26, 2014 at 2:36 pm, Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said:
There are several aspects to your situation which require some attention. First, you may wish to speak to a Family Law Lawyer to find out what your rights are with respect to marital property. You may find that you are eligible to receive spousal support, depending on the details of your circumstances that may help you through these tough economic times. The value of the business is of some concern and that you may be losing your interest in the business by not protecting it. Secondly, it is uncertain that you have acquired debts as a result of the closing of the business. The fact that you are receiving employment insurance suggests that your spouse was running the business, which would mean that unless you personally guaranteed the debts of the business they cannot hold you responsible. No doubt you have other debts that you are responsible for. The education program to help you change careers is a good idea, it is an important step to getting back on your feet financially. However, it appears that you not going to be able to deal with your debts until you are back in the work force full time.
Your options are to file an assignment in bankruptcy now to relieve the pressure that the creditors may be putting on you or to wait until you are gainfully employed at which time a consumer proposal might be an option or filing an Assignment in bankruptcy at that time. While the unpaid creditors may take collection practices, it is unlikely that they will be able to garnish your wages or seize assets because you are going to have very little in the way of income or assets.