Afraid that they’ll fully reject my consumer proposal. What are steps that I can do if they reject it fully? About 60k in debt. I’m scared if i do declare bankruptcy i won’t get discharged due to gambling Victor Fong, Licensed Insolvency Trustee responds You mentioned in the comments that you accumulated the debt through gambling. Have you taken any steps to address your gambling problem? For example, if you’re in the Toronto area, consider doing the following: Register yourself under the Ontario Lottery & Gaming Corporation’s (OLG) Voluntary Exclusion Program. Register yourself under the Centre for Addiction & Mental Health’s (CAMH) gambling counselling program. Then write a letter addressed to RBC…

I get asked this question a lot when people message me on Reddit asking for advice. So I thought I’d put together a chronology of what typically happens when a debtor owing credit card debt finds himself in this situation: You will get calls from the creditor. If you ignore them, the debt will be sent to an agent acting on the creditor’s behalf – usually a collection agency or a law firm. The agent will likely have your place of employment and banking information on file because you would’ve provided this information to the creditor when you had applied for credit with them. You’ll receive calls, letters and emails…

A reader asks: What are the consequences if a person is declared bankrupt and ignores their debtors? Victor Fong, Licensed Insolvency Trustee responds: The question is using incorrect terminology: a debtor is the person who owes the money. The person who is owed money is called a creditor. Therefore, the question should be rephrased as: “What are the consequences if a person is declared bankrupt and ignores their creditors?” First off, a person is not “declared bankrupt” just because he can’t pay his creditors. He is insolvent. To be insolvent means that he cannot pay his debts as they become due. To answer your question regarding the consequences of ignoring…

Hello all, my hands are shaking this while I am typing this. I am in a bit of a situation, I have almost $75,000 of debt including LOC and credit cards. I have invested $55,000 in stock market which is sitting at $3500 from last 3 years. This was such a big mistake. I took out money from LOC to invest in stocks and it’s all gone now. My net income is only $3200 monthly and my monthly expenses is more than that. I am paying minimum payments on all the LOC and credit cards every month. I am the breadwinner of the family and we have an 18 month…

Please listen to me first. Due to my poor financial decisions and gambling addiction I have accumulated following debts: Credit card = 15000$ Line of credit= 15000$ Money mart=12500$ Cash money =6000$ Other credit card= 4200$+ 5000$ I can’t seem to get out of this. It’s never ending cycle. I am thinking to apply for consumer proposal. Can someone help me what paper work they will ask ? Like tax filing or income verification. I don’t own a house or have a vehicle loan. Thank you and appreciate.   Victor Fong, Licensed Insolvency Trustee replies: Here’s what you’ll typically be asked during a consultation meeting. Please note that this list…