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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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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Student & Credit Card Debt

I have around 30,000 in student loan debt. OSAP (10,000) and a bank loan (20,000). I also have 6,000 in credit card debt.

I only make $1400 a month and it will probably be like that for a couple years since I work in film and it takes a while to make money in my industry. I don`t want to quit it, since I am on the right path although its just not paying enough right now.

I need advice. I am almost 30…I don`t have any money to save and its been difficult paying off my loans– especially the credit card.

I tried to consolidate the debt, but the bank wouldn`t let me as I have no assets. Should I file for bankrupcy?

Posted from: Ontario

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One Response to “Student & Credit Card Debt”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Bankruptcy may be an option, but there may be other options as well. Although with limited income often a bankruptcy is all that fits into the monthly budget.

Regardless the only way to know is to sit down with a local trustee, they will explain your options and help you to determine what is best given your situation.