Job loss / EI ran out / Still jobless

My sister and I have a mortgage together and I lost my job since April 2013. I’m struggling to find a job and my employment insurance is depleted. I have an unsecured debt of approx. $20,000.00 and I’m struggling to pay it and my household bills. However, I’ve managed to keep my portion of the mortgage payment up to date.(mortgage up to date in its total bi-monthly payments) What options do I have if I’m jobless and I don’t want to file for bankruptcy? I want to pay what I owe, but I’m swamped and scared.

Posted from: Ontario

One Response to “Job loss / EI ran out / Still jobless”

A licensed trustee said...

Frankly, your options are limited to your ability to make some form of payment. Your priority needs to be your mortgage – if you want to keep the home. How you decide to deal with your remaining debts comes down to how much you can afford to pay towards them each month. If you literally can’t afford anything then all you can do is sit and wait to see what your creditors do. Certainly there will be collection calls and letters – you may even be sued, but until you have a paycheque there’s not much you can do about it… If you can afford to pay part of the debt you might consider a consumer proposal, or perhaps bankruptcy might make more sense. Use the links on this site to find a trustee close to you and go and speak to them about your situation.