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?”
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February 10, 2014 at 5:59 pm, 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…