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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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Misrepresentation question

I`m a 23 years old and am considering bankruptcy. I have 3 credit cards total equaling around 10,000. Some of my debts on there is from playing online poker about a year ago. 2 of my credit cards I lied about my income and my place of work. The company I claimed I worked for is real and has recently gone under. I`ve had one card for over a year and the other one about 6 months.

I`ve tried my best to pay both off but I don`t make very much money right now and it will take a significant amount of time to pay them both off. Bankruptcy seems like the best option, however, I don`t want to declare and still be liable for all my debt. Is it very likely that that will be the outcome? Should I even bother?

Posted from: Alberta

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One Response to “Misrepresentation question”

A licensed trustee said...

The bankruptcy laws in Canada are designed to help the honest, but unfortunate debtor obtain relief from their debts and get a “fresh start”. Based on the question you’ve posted, do you think you qualify as an “honest, but unfortunate” debtor?

If you decide to file for bankruptcy you should expect to have to explain your conduct to the Court and I expect you will be ordered to repay a portion of your debt.