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Moving Country and threshold amounts …

BACKGROUND:

I attended University from 1993 – 1998 and have accumulated a large amount of debt, not only student loans but other credit card debts to fill the massive shortfall between the amount loaned by the banks (this was before loans were directly from the government but instead from the banks but guaranteed by the government), additional debts from a business I ran (personal, sole-proprietor, not incorporated) that was not successful and other credit card debts totaling somewhere between $75,000 – $85,000.

I am a resident here in Ontario and worked in UK for 2 years (while remaining resident here), have been back here for 8 months but am planning on moving back to UK permanently once some paper work comes through (1 month, 6 months �?) and would like to make a fresh start as I can’t mathematically find anyway out of my debt as even when I was working overseas I was barely making minimum payments.

I already have a bank account there which has about the equivalent of $1000 Canadian in it, though that won’t even cover first and last months rent over there. I also have a minimal credit card in UK, and am being responsible with it as I don’t want to get into the same type of trouble again as I start my new life.

I own nothing of value. I am single, never married, no kids.

QUESTIONS:

Do they let you keep ANY cash at all (i.e. enough for first and last months rent as there is no one that could lend it to me)?

How does living overseas effect the ‘threshold’ amounts and surplus payments in bankruptcy or does it even apply? Wages are about twice what they are here, but cost of living is 2.5 times higher) so the $1,750 allowable (I think that’s pre-tax) for one person would BARELY cover rent in a bad area of town, not to mention transportation, utilities and such (not talking about buying a car, just public transportation).

I know you can’t give very definitive answers on any of this, but some basic idea of what I’m facing would be appreciated.

LOOKING FOR FURTHER ADVICE / MOVING AHEAD:

Lastly, if this is the situation that I am facing is there a specific kind of specialist I should seek out as far as looking for help in declaring bankruptcy or can any bankruptcy agency / company help? (If it is a particular type, can you suggest how I can find one in North Mississauga, Brampton or West Toronto)?

Thank you in advance for any information.

One Response to “Moving Country and threshold amounts …”

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

You have identified a number of things and to get a thorough answer on them all you will need to contact a licensed trustee in your area. However, you can be rest assured that the $1000 in your bank account probably will not be affected as it is required for your normal living expenses. As for finding a trustee in your area you can find them through the licensed trustee link.