FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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Credit card debt and unemployed

My son has just advised us he has been laid off from his job, then he continued to advise us that he has about $10,000 in credit card debt that he now has no way of paying. I am not sure if he qualifies for unemployment but he wouldn’t make enough to even cover his min payments (he has 3 card). What can he do?

Posted from: Ontario

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One Response to “Credit card debt and unemployed”

A licensed trustee said...

I suggest he start by taking a few days to “sort things out”. It is good that you are researching his options, but he shouldn’t rush out and do anything until he has a better understanding of his situation. Whether or not he will beeligible for EI is fairly important, equally important is whether or not he thinks he is likley to find a new job in the near future.

As far as his debts go, he has the right to file either bankruptcy or a consumer proposal to deal with his debts, but I wouldn’t recommend either for $10,000 worth of debt – at least not yet anyway.

He should contact the credit card companies and let them know what has happened – they may give him 2 or 3 months of dramaticaly reduced payments (just to give him time to find a new job).

While your son has no income there is very little any of his creditors can do to him. You can’t get blood from a stone and if he doesn’t have any income they’ll just have to wait…