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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Unemployed

I recently lost my job. I cannot afford to pay any of my creditors. Can I still file for bankruptcy if my only income is EI?

Posted from: Ontario

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One Response to “Unemployed”

A licensed trustee said...

You can, but many trustees (myself included) will suggest you wait until you find work. It is unlikely any creditor will garnishee your EI cheques and in most cases, you’ll need every dollar to live.

What I’ve seen happen in the past is a person paqnics when they lose their job, files bankruptcy because of their debts, and then finds a new job that pays enough that they end up having Surplus Income. That means they end up paying more for the bankruptcy and it lasts a lot longer.

What you might want to do is speak to a trustee – then you can decide what makes the most sense for you.