Do I qualify for bankruptcy?
I’ve always had good credits for many years up until now. My credit cards and line of credit is now max up due to gambling addiction. I’ve manage to quit but now I have huge debt of $60. I was considering debt settlement but I don’t think I can afford the monthly payments since I am only bringing in $900 after babysitting cost are deducted. I want to start fresh and thought about bankruptcy. My payments are up to date because I take money from one credit card and pay the other using balance transfer and cash advance. I don’t know if I am qualify for bankruptcy and do I need to stop all payments before I go bankrupt? I’ve always had good credits even when I don’t have the money. I don’t want to miss any payments unless I know I am qualify because if I am not going bankrupt I would like to maintane my good credit.
Yes, you qualify for bankruptcy, but due to the admission of a gambling problem, you should expect your procedure to take longer than the normal 9 months.
Our policy (and it is just a policy) is to infomr gamblers that as trustee we will oppose their discharge – that means they will be required to attend in Court and prove to the Court that they are dealing with their addiction. In Ontario the Court will ask for proof that you have attended counseling for you addiction, plus banned yourself from gambling establishments.
I suggest you use the links on this page to find a trustee in your area to determine what steps you will need to take to deal with these debts.
You’ve taken a big first step – now follow through with a call and start cleaning things up. Good luck.