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Do I qualify for financial hardship?

I am discharged 1 year
Seperated now
Need to catch up on bills because of seperation
She is still on title for house
I owe 118k..on house maybe worth 150 to 160
Applied for financial hardship for my LIRA
need about 8000 to get car and catch up
Any idea what i can do

Posted from: Ontario

One Response to “Do I qualify for financial hardship?”

Doug Stuive, CA | Trustee | CIRP said...

Unfortunately we do not have enough information to give specific advice. It appears that you may be able to get some funds through the equalization process that happens when a couple separates as there is equity in your home, depending on what is happening with the house. If you do then these funds will help you to get caught up.

While applying for hardship is an option it is really considered a last resort as these funds are meant to secure your future earnings in retirement. It is best to leave the funds in your LIRA until you have absolutely no other options.

I would recommend that you sit down with a credit counsellor to see if they can help you make a plan to catch up on your bills. They can be a useful resource even after your bankruptcy is completed to work on money management skills and financial rehabilitation.