Comments on: Need advice because of a difficult situation http://www.bankruptcy-edmonton.com/bankruptcy/2009/06/need-advice-because-of-a-difficult-situation.html Bankruptcy Edmonton Tue, 07 Feb 2012 15:47:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Bart Goth, Trustee in Bankruptcy http://www.bankruptcy-edmonton.com/bankruptcy/2009/06/need-advice-because-of-a-difficult-situation.html/comment-page-1#comment-378 Bart Goth, Trustee in Bankruptcy Mon, 08 Jun 2009 18:34:47 +0000 http://www.bankruptcy-edmonton.com/bankruptcy/2009/06/need-advice-because-of-a-difficult-situation.html#comment-378 There is no income or employment requirement to file a <a HREF="http://www.bankruptcy-canada.ca/whatIsBankruptcy.htm" rel="nofollow">bankruptcy</A>. However, you may not need to file a bankruptcy. Given your lack of assets and the type /level of income you have you may be in a position we refer to as creditor proof. Creditor proof means that in your current situation there is very little your creditors can do to force payment. They likely cannot seize any assets, nor intercept any of your wages. While the creditor can often still can seize bank accounts and you can expect the standard harassing phone calls will continue for a while (how long is dependent on how committed the collection agent is, there is nothing forcing them to stop, but usually 6 months is a good estimate). Now if the stress simply is to much you could consider the filing of a <a HREF="http://www.moneyproblems.ca/personal-bankruptcy-canada.htm" rel="nofollow">bankruptcy</A> and to do so you should contact a <a HREF="http://www.bankruptcy-canada.ca/emailUs.htm" rel="nofollow">local trustee</A> but it may not be essential to do. There is no income or employment requirement to file a bankruptcy. However, you may not need to file a bankruptcy. Given your lack of assets and the type /level of income you have you may be in a position we refer to as creditor proof. Creditor proof means that in your current situation there is very little your creditors can do to force payment. They likely cannot seize any assets, nor intercept any of your wages. While the creditor can often still can seize bank accounts and you can expect the standard harassing phone calls will continue for a while (how long is dependent on how committed the collection agent is, there is nothing forcing them to stop, but usually 6 months is a good estimate).

Now if the stress simply is to much you could consider the filing of a bankruptcy and to do so you should contact a local trustee but it may not be essential to do.

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