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leaving job and declaring bankruptcy

If I quit my job in Montreal and moved to Toronto to look for a better employment, however currently I am unemployed , can I still declare bankruptcy ? Will i be able to keep at least 2000-3000$ savings for current living until I find the job?

Thank you

Posted from: Quebec

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One Response to “leaving job and declaring bankruptcy”

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

There is nothing preventing you from filing bankruptcy if you are unemployed, but there may be two problems that result.

The first problem is paying for the bankruptcy. There is a cost and with no income coming in this may be difficult to do.

The second relates to your savings. Likely a portion (and potentially all of your savings) could be required to be paid into your trustee as part of the bankruptcy. While I don’t have sufficient details to determine if this is the case or not, it is possible.

As a result the best thing for you to do is to contact a local trustee, explain the situation and they will be able to advise you what will take place.