FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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loans for living expenses

I was laid off a year ago.My only support is from my family.I have no income at the moment .They told me if I can pay back the monies I could .If I couldn’t that was ok .I want to declare bankruptcy soon. My family would never let me claim this loan in bankruptcy with the other creditors . We are very close and the money they give me is insignificant to them ,they are wealthy.Will the creditors I owe consider this to be income.If the trustee says it is income then they won’t give me anymore support . I have every intention of paying them back.I have a masters degree so I likely will have work again in the near future. It would mean re-locating, which I don’t really want to move.Is it a bad idea not to tell anyone that they help me.I don’t want to defraud anyone .any advice ?

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One Response to “loans for living expenses”

A licensed trustee said...

The concept of “income” is only relevant while you are bankrupt. The income you received before bankruptcy doesn’t matter.

It appears that the money your family gave you was a gift, not a loan, since there is no loan agreement, no interest, etc. If it was a gift, they are not a creditor. For more details, contact a licensed trustee who will review your situation and advise you on your options.