If I don’t declare bankruptcy what happens?

February 10th, 2014 by Questions

If I don’t declare bankruptcy. I am 61 CPP of $500.00 per month other income part time $600.00 per month no assets and unsecured debt for 4 years $30,000. They call about every 6 months. I don’t need credit and unable to pay. Can I keep on not paying?I tried to get a loan but was declined . Why Visa gave me so much credit is crazy . I only had $20,000 income per year. If I don’t declare bankruptcy what happens? Thank you

Posted from: British Columbia


One Response to “If I don’t declare bankruptcy what happens?”

, A licensed trustee on behalf of Bankruptcy Canada said:

The only risk you run is that someone takes you to Court and they get an Order that lets them garnishee (take money) from your pay cheque at the part-time job. Likely they’d get between $100 and $150 a month. Of course if that happens, you could quit the job or file bankruptcy to deal with the garnishee.

Frankly, you are probably ok to do nothing and see what happens…

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)