Creditor petitioning debtor into bankruptcy
If I miss my credit card payments saying that I don`t have money can the creditor force me into bankruptcy or is it just an empty threat? In my case I consider myself judgement proof having no assets of value and getting a disability pension which is just enough to get by.
The reason I didn`t file bankruptcy is that I don`t have the money to pay the trustee and I don`t want to risk being kicked out of the apartment which I rent.
In your experience does this kind of forced bankruptcy occur over a debt of 80,000 dollars?
Posted from: Ontario
It sounds like an empty threat to me – there is no reason for a creditor to go the expense of petitioning a person into bankruptcy, unless that person has signifiant assets. Even then, the creditor is better off to sue you than they are to petition you into bankruptcy.
If you are on a disability, you are likely “creditor proof” – they can sue you, but they cannot take your pension money…