October 11th, 2011 by Questions

I am 74 and tried to start a small business on line and went into serious debt to do this. It didn’t work out as it should have and I am now in serious debt. My income comes from CPP, OAS, PSP and a small British pension.
Can I declare bankrupcy.

Posted from: Alberta


One Response to “Overwhelmed”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

It is pretty easy to qualify to file for bankruptcy. You have to owe greater than $1,000, not be able to pay all your debts as they become due and live in Canada (or have lived in Canada in the last 12 months).

So as you can see qualifying isn’t very difficult and from the information you posted it sounds like it would be a good fit. What I would recommend is you contact a local trustee and they will help you with the specifics.

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