How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

This field is hidden when viewing the form

Source

How can we help you?

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Name

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

after-retirement and bankruptcy

should a person on a pension claim bankruptcy; the person is 83?

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “after-retirement and bankruptcy”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

While I can’t say whether you should or shouldn’t file I can say this. Realistically, if you are on a pension and have limited assets there probably is no need to file a bankruptcy as you would be what we refer to as creditor proof. Meaning, if you your creditors did push things as far as a judgment, there is really nothing the creditors could do to enforce this judgment as you don’t have sufficient income or assets to sue anything. The downside of this is that you must be in a position where you are willing/able to handle the stress of putting up with the creditors long enough for them to realize there is nothing they can attack and we have no way to predict how long this may take. Most people I have seen in similar situations who have decided to file for a bankruptcy have done so primarily to stop the stress that these collection efforts often cause.