Retirement Bankruptcy
I am 70 years old and have a debt of about $45000. I am self employed and have had my work days cut to one third (4 days a month). I am suffering from the usual age related conditions; loss of memory, dexterity, reasoning, etc. and am finding it exceedingly difficult to work and don’t know how much longer I can. I currently instruct all day safety courses.
It is virtually impossible for me to get work and feel I have no other option than to declare bankcruptcy. I have ZERO assets and live (with my wife) with one of our kids.
Posted from: Alberta
You should speak to a trustee before you make any decisions. If your only source of income is pensions (ie you stop instructing and earning income) then you are likely creditor proof. That means there is very little your creditors can do to collect what you owe them.. Your debts won’t go away, but pension income cannot be seized to repay debts. Talk to a trustee.