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]
2026-07-13
MNP Consumer Debt Index
Atlantic Canadians (68%) are more likely than those in other provinces to say at least half of their income is already committed to bills, debt payments, and regular expenses before it arrives.
2026-07-13
MNP Consumer Debt Index
According to the latest MNP Consumer Debt Index, three in five Canadians (61%) say at least half of their income is already committed to bills, debt payments, and regular expenses before it arrives.
2026-07-13
MNP Consumer Debt Index
According to the latest MNP Consumer Debt Index, nearly three in five British Columbians (58%) say at least half of their income is already committed to bills, debt payments, and regular expenses before it arrives.
