2009-10-30
From the information you have given so far, yes....you can claim bankruptcy. The legal requirement for bankruptcy is that you owe $1,000 in debt and are unable to pay your obligations as they come due. This seems to be the situation in your case. I am assuming that TD Bank does not have any security over any of your assets (IE: a lien on your car or your furniture). The only question I have is....what is the source of your $1,000 "structured settlement?" Is this from a divorce settlement? An accident settlement? It's likely that if TD sues you, they would be able to garnishee this source of income. A bankruptcy would stop the legal action and threat of garnishees, etc. I would recommend that you contact one of our counsellors or Trustees in your area and discuss if bankruptcy (or any one of the other options we would review with you) is right for you. You can find these contacts athttp://www.mnpdebt.ca/contact/default.aspx. Donna Carson, CGA, CIRP, Trustee 1.877.500.0792 [email protected]
2025-04-25
Debt collection can be a daunting experience for many Canadians. Navigating the process alongside MNP’s team of experts can help you better understand how it will impact your credit score and gain the knowledge needed to maintain your financial health well into the future.
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Bankruptcy
Filing for Bankruptcy is a significant decision that can provide a fresh start for Canadians overwhelmed by debt. However, it’s essential to approach this process with caution and awareness to avoid common pitfalls and make informed decisions to protect your financial future.
2025-04-24
Filing a Consumer Proposal can feel overwhelming, but it’s not the end of your financial journey.
