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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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My situation – some gambling debts

Thanks in advance for you time and expertise. I am considering a proposal because I do have a good job to pay most of my unsecured debt of around 70K. 2 years ago I started a nasty gambling addiction, and used visa advances/lines of credit during my illness to support my addiction. I have been getting help and have not made any bets in over 4 months. I figured around 20K was rang up on gambling debts during that time period.
I am scared to file a proposal because of the 20K of unsecured debt that was spent on gambling. I figure that I may be subject to fraud charges, or that money will haunt me regardless somehow. Is there anything I should be aware of, or plan for because of the debt from a gambling addiction, that would differ from a “normal” consumer proposal?

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One Response to “My situation – some gambling debts”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

If you make sufficient disclosure of your struggles with gambling upfront your trustee will be able to help you to form a proposal that has the greatest likelihood of success. Often by inserting terms relating to attendance at gamblers anonyms meetings, or simply providing evidence that you are in the process of dealing with this type of challenge is sufficient. Most creditors realize gambling is an illness, and while you did make choices that led to your precarious financial position, this doesn’t mean they won’t understand and be willing to work with you. At the end of the day, if you have put the addiction behind you, and offer a reasonable proposalto your creditors I don’t’ see any reason why you wouldn’t be able to get the creditors on board.