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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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Low Income Senior

How do I file for bankruptcy when I am a low income senior? Will I loose any of my pension?

Posted from: Alberta

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One Response to “Low Income Senior”

A licensed trustee said...

To file bankruptcy you need to speak to a trustee – they will probably try and talk you out of filing. As a senior, your pension income probably can’t be seized or garnisheed – that means you are already fairly well protected under the law from your creditors.

Having said that, if you want to file you may. Your pension will not be affected. You will be subject to the same income test as everyone else that files – in other words the cost to file for bankruptcy will be based on your income including your pensions and what you own.

Whichever trustee you see will explain all of this in greater detail.