Best Coarse of Action?
January 3rd, 2006 by Questions
I called off my wedding with my common law spouse and decided to take short work trips in the US for my Canadian employer. I met a girl in the USA while working. I wanted to date with her and we established a long distance relationship. I began taking time off and travelling to visit her. During this time I was overcome with depresion from all of my problems of losing my house car and dog. I quickly used up my line of credit of $25,000 but knowing that I was making $100K a year and living with my parents I decided to take out two more lines of credit (30,000 and 20,000)so I could afford to visit her and take her and her kids to England to visit her family for a month. My dression grew stonger and I eventually lost my job for failing to attend work. I was drinking and taking 6 medications perscribed by a doctor.
Before losing my job I took out a work visa and looked for work in the USA. I thought I could find a high paying job once I was here, but the wages are low and my work visa limits my employement. I can’t keep up the payments on the loans with my $17.00/hr job, and I am desperately trying to find better employment. My full intension was to pay back these loans but I don’t know how I am going to do it.
My credit cards also crept up and now are at $18000. I have finally straightened myself out and stopped the meds and the drinking. I would like to find a solution to my problem of debt.
I have spent so much money helping out my girlfriend and her kids. I did cash out my RRSP’s and made some payments, but that quickly went. I am still kinda relying on my last line of credit to keep me going with bills.
What should I do? Declare bankruptcy, or try to settle with creditors?