Not sure what to do?

Be a great help if you can shed light on my situation. I’ve been unemployed for over a year now, finished school, graduated last fall and I’ve had a hard time finding employment. My debt as fallen into disarray and now there are collection agencies calling me wondering when I’m going to pay. Right now I have just enough to get by but even that is very fast growing to nothing. I don’t own any assets, just a little in rrsp which wont even put a dent into my debt. Can I file for bankrupty even if I currently do not have a job? And if I do, will that hurt my chances of getting one. What would your advice be?
Thanks for your time.

Posted from: Ontario

One Response to “Not sure what to do?”

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

There is no requirement that you be employed to file a bankruptcy, but practically it may help. The problem that arises is the cost to file bankruptcy. There is a cost, and if you are not employed it may be difficult to cover that cost.

The other part of this is when you are on limited income there may be limited your creditors can force you to pay until you are employed. So the protection associated with bankruptcy may not be entirely necessary until you are employed.