FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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what will happen to me

i owe approx 80 000 in credit lines and credit card debt. i have no assets no house. i cashed approx 55 000 from rrsp. last two years i made approx 52 0000/year. i lost most of that money on online gambling. i make myself sick. i stopped gambling. what is my next step? what will happen to me if i file bankruptcy? i live in quebec. please help

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One Response to “what will happen to me”

Barton Goth GCO Bankruptcy Trustees said...

While the filing a bankruptcy or consumer proposal will definitely help things out in this situation, it is difficult to predict what will be required. What happens is that the Bankruptcy and Insolvency Act provides a mechanism for the creditors to oppose a bankrupt’s discharge where it is found that the bankrupt substantially contributed to the debts at hand.

Clearly with gambling as the route cause this is a possibility that is open to the creditors. However, it is difficult to predict what and how the creditors would react. At this point you really would be best to contact a local trustee and they will be able to advise you what the local practices are and help you develop a plan to deal with these difficulties in as reasonable fashion as possible.