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Can a person go bankrupt if they quit or lose their job

Can a person go bankrupt if they quit or lose their job?

Posted from: Ontario

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One Response to “Can a person go bankrupt if they quit or lose their job”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

There is no requirement for you to be employed to file a bankruptcy. The only difficulty that it may provide is that there is a cost to a bankruptcy and if you are not able to make the necessary payments required in your bankruptcy you will not be discharged from your debts.

However, when you are in a position with limited income you may find that you are creditor proof. Meaning that your income and assets are not sufficient for your creditors to be able to anything to force payment. For more information you are best to contact a local trustee directly.