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bankruptcy and unemployment

what happens if i`m unemployed and needing to file for bankruptcy? how do i make any payments if i have no income?
i also have no assets? unless a broken t.v. is considered an asset?

Posted from: Ontario

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One Response to “bankruptcy and unemployment”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you want to file bankruptcy there is a cost to file bankruptcy. However, you may not need to file for bankruptcy right now. Currently, with no income and limited assets you are in a position we often refer to as Judgement Proof. This means that you are in a position where your creditors cannot do anything to force payment from you. Your income is to low to garnish, you don’t have sufficient assets to seize, so all they can really do is harass you. Yes thy can go and get a judgement from court, but if they do they legally cannot do anything with the judgement due to your current financial position.

So at this point there is no need to file a bankruptcy until you are back working. So hold off filing until you can afford to.