Can I Claim Bankruptcy

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    donna.carson@mnp.ca