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Difference between revisions of "Dealing with Debt (10:V)"
From Clicklaw Wikibooks
→4. Assets That May be Retained by the Bankrupt in B.C.
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:'''NOTE:''' If the debtor (except anyone in commercial activities (self-employed or business) or in jail) chooses a trustee and is rejected (due to a fee charge) because they are unable to pay, they should contact the Office of the Superintendent of Bankruptcy (“OSB”), and ask to participate in the Bankruptcy Assistance Program. The debtor must obtain a written refusal from 2 trustees and, if they qualify for the program, will then be assigned a trustee in the referral program for a reduced fee (not for free). This program is not available to everyone that cannot afford to pay. Further, it does not exclude non-exempt assets such as GST and income tax refunds from seizure. Information can be found at the [http://www.servicecanada.gc.ca/eng/goc/bankruptcy_assistance.shtml Bankruptcy Assistance Program website] or by calling the OSB’s national number at 1-877-376-9902. | :'''NOTE:''' If the debtor (except anyone in commercial activities (self-employed or business) or in jail) chooses a trustee and is rejected (due to a fee charge) because they are unable to pay, they should contact the Office of the Superintendent of Bankruptcy (“OSB”), and ask to participate in the Bankruptcy Assistance Program. The debtor must obtain a written refusal from 2 trustees and, if they qualify for the program, will then be assigned a trustee in the referral program for a reduced fee (not for free). This program is not available to everyone that cannot afford to pay. Further, it does not exclude non-exempt assets such as GST and income tax refunds from seizure. Information can be found at the [http://www.servicecanada.gc.ca/eng/goc/bankruptcy_assistance.shtml Bankruptcy Assistance Program website] or by calling the OSB’s national number at 1-877-376-9902. | ||
:'''NOTE:''' A debtor who is on a low end fixed income, such as a fixed income pension, with circumstances unlikely to change may have no need to declare bankruptcy as they would be, in essence, judgment-proof. Refer to [[{{PAGENAME}}#C. Communicating with Creditors when Unable to Make Contractual Payments | | :'''NOTE:''' A debtor who is on a low end fixed income, such as a fixed income pension, with circumstances unlikely to change may have no need to declare bankruptcy as they would be, in essence, judgment-proof. Refer to [[{{PAGENAME}}#C. Communicating with Creditors when Unable to Make Contractual Payments | Section C above, Communicating with Creditors when Unable to Make Contractual Payments]]. | ||
== I. Student Loan Debt == | == I. Student Loan Debt == | ||
