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bankruptcy alternative

Based on the expert comment i am guessing there is no rule or law preventing a person from claiming bankruptcy while being unemployed or while collecting UI benefits which was one of the questions i had. Is the UI income treated like any other income in an attempt to establish if there is any `surplus` income? It seems to me that, and I think that this is what the other person was geting at, as long as you can pay your bills and afford the fee it would be a benefit to stay unemployed for the duration of your bankruptcy period as you are more unlikely to have to hand over any money on a monthly basis. My main concern is not having to pay anything monthly, even if it means earning less money and/or staying unemployed for a while. Anything to add to this? I would appreciate anything you can offer for guidance aside from alternatives to bankruptcy as I am not interested in them. I am one of those people that bankruptcy is meant for as anything less would involve living in complete squalor and poverty.

Posted from: Nova Scotia

One Response to “bankruptcy alternative”

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

You are quite right that bankruptcy and employement status are not realted, nor is a job necessary to file for bankruptcy. As for your EI income, this would be considered just like any other income when determining if the Superintendent’s surplus income obligation is an issue.

Other than that the best advice is for you to meet with a local trustee, they will be able to look at your situation and help you to understand how a bankruptcy will progess and what you can anticipate will take place.