No Income

July 26th, 2007 by Questions

How do I proceed to file bankruptcy if I have no income or any assets of any real value. Single parent not gainfully employed (full time) for 4 years … Living with relatives … Revenue Cda/QC are both owed 1/o $$$ for previous tax years. If I have no income (Job) how do I pay the trustee … or the bankruptcy?


One Response to “No Income”

, Barton Goth GCO Bankruptcy Trustees said:

With no income you likely don’t have to file for a bankrutpcy as you are in a state we often refer to as “creditor proof,” (i.e. the assistance income you receive is exempt from any creditor action and with out any substantial assets it is doubtful the creditors would be able to attack any of these either) and likely most trustee’s you will contact will suggest you simply wait until things improve and at that point.

Howver, if there is some immediat threat you and it turns out that you are not creditor proof and are unable to pay anything, some trustees participate in the Bankruptcy Assistance Program where the cost of a bankruptcy may be reduced.

However, in most cases the cost of the bankruptcy is based on the rules set out by the government, so a no cost bankruptcy is very unusual.

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