I looked around online for any helpful information regarding this difficult decision. Although there are a great number of sites with extensive information on Canadian Bankruptcy, they are all fact based and, as a result, a bit cold.
   I needed as many 'cold facts' as I could find, at first. Once I had those I knew I was a "candidate" for bankruptcy. Not only was I wrestling with a dire financial problem. But I also faced a huge moral dilemma regarding my opinions/beliefs about "what kind of people" go bankrupt.  As it become more and more of a reality, all I wanted to do was hear from others. Their personal stories, opinions etc. I wanted to add some humanity to what was feeling like a lonely,cold situation.
   I'm not the sort who joins many forums. But I remember how difficult the months leading up to my decision were. I thought I'd join and see if I can help.
   
     

 

Hi 

Just saw your post.  We, my husband and I are also on the edge.  I have a meeting on the 24th with a trustee.  It is embarassing and humiliating to have to go this route.  We are in our late 50's and should be by now looking at retirement instead.  It is really hard to admit that we screwed up so bad!!  Our kids- who are a part of our problem as we overindulged them- feel that we are losers and cannot beleive that we are in this position

I have not slept in months and feel like crying every day.  I hope that this helps releive the stress as the alternatives are really bad.

Let me know how the whole process went for you

I have read your posts and just wanted to share my story with you! I have lived and understand your moral dilemma! I know the humiliation you feel for "failing" and the overwhelming guilt and strain this places on your life and marriage. However, I am here to tell you that it is O.K.! You are not alone and it will get better if you let it! When you do indeed find that bankruptcy is your only true option... then the best thing you can do is embrace it, forgive yourself and move on …ensuring that you never allow yourself to forget this experience. Living in a downward spiral of overwhelming debt and collections does not help anyone and while it is a very difficult, real and humbling life lesson to claim bankruptcy.  It can change your life for the better! ! I have been out of bankruptcy for 8.5 years now and this single event was the catalyst that opened a whole new world for me. Getting out from under the crushing debt and vicious cycle allowed me a fresh new start at life! I decided I had to look at it as positive second chance instead of a negative indication of what a failure I was! Without the debt load I was able to go back to school and obtain a career I love! Now I am a PROUD homeowner with a solid credit score and I have never forgotten how horrible the feeling of sinking in debt was! Due to this, I now really respect and understand credit. This too can be a new beginning for all of you! Stop worrying about what others will think… and beating yourself up! Honestly, you can’t undo what is done to get you here… but you can prove to the world (and more importantly yourself) that you that understand what got you  here and that you deserve a second chance. Make the most of it!
Good luck!

I, too, am glad to see this forum. As Hangdog points out, it gives a human side to things. The Bankruptcy-Canada website is excellent for getting the facts - and now they've put up this forum to help us address the emotional side. Great move! 

My husband and I are in our forties, fairly new homeowners (and were terrified of losing it!), and run our own businesses. The businesses have not failed, but we became overwhelmed with the interest on our major credit cards. After a couple of years of struggling to pay them (paying one out of another, etc.), I saw that soon, possibly next month, there would be no way to pay them all. I thought we were on the brink of bankruptcy, and I was terrified.

Searching the web, I learned that bankruptcy, although somewhat invasive and embarrassing at first, was not the horror story I had thought. I also learned about consumer proposals, which is what both my husband and I eventually arranged through a trustee.

It was still stressful making the decision to see a trustee, and then figuring out all the details, but once we took the first step of consulting with a trustee, we immediately felt better. And, now that our proposals are in place, things are organized once again, and I know exactly how much money we have, or don't have! At least it's organized.

Don't hesitate to see a trustee as soon as you start asking yourself, "should we get some advice?" You will be treated with respect. Think of bankruptcy or proposal as a "financial remedy". That's what they are, and that's what they do.

Best wishes to all,
~Wendy

Well, hang in - you're doing the right thing! Your situation is very common. Let us know how it goes with the trustee.

By the way, if your trustee doesn't make you feel comfortable, don't be afraid to get a different one.

Best of luck,
~Wendy

Hi i'm considering bankruptcy, and need some advice.  im in my late 20's and got into too much credit card debt as well as student loans and with layoffs happening at work my income is seriously reduced, i was on the brink as it was anyway.  I don't own a house, and my car is worth nothing, but i still need it for work!! i am considering moving in with my boyfriend, but dont want to rely on him to support me while i get my finances in order.  can they take my personal stuff, like my computers?? (i have 2) what will it really cost me, would i be better off to just try and talk to my creditors? please help!!

im glad i found this forum and know that im not alone in this.