Credit Card Maxed Out On Gambling

SPOILER ALERT! I am a moron !!!

A month ago I decided to move back to my home country from Canada permanently and I came up with a brilliant!!!(sarcasm) plan which was using my credit card to gamble and after potentially making it double or triple pay the initial amount and take home a nice amount of money and make fresh start.

However things went south so fast and after 1 weeks hours of gambling I found my self lost all money in my chequing account ( 7-8 k) plus a 37 k on credit cards debt. I was gambling 14-15 hours a day 2-3 times I hit 35k but i got greedy and instead of cashing out i kept going eventually lost it all.

I then start looking more money to get back the money i lost i had one last credit card which i never used however that credit card wont let me deposit any money into that online casino so I came up with another brilliant idea of buying a expensive product and selling it and using that money to gamble and hopefully get what i lost .

I know now it sounds soooo stupid but i was out of my mind constantly sweating and in self destruction mode. I ended up buying an expensive Apple product which I couldn’t sell it.

I was completely 0 with 35k plus 5 k on last credit card debt totaling 40 k.

Now I m outside of Canada and I m trying to get a consumer proposal or bankruptcy but I m scared as my actions might be considered fraudulent. I can prove that I did actually lost all that money on gambling and I’m planning to pay that 5 k credit card that i purchase expensive product as I don’t want to be seen a fugitive trying to fraud the credit card company but I am completely broke with no job.

If I can get a consumer proposal accepted I can have one of my parent to help me make that payment . We can comfortably pay $200-$300 a month without any worry. The thing is I m really worried about collection agency following me in my new country potentially causing legal or financial trouble

Victor Fong, Licensed Insolvency Trustee replies

1. You need to be have been a resident of Canada within the last 12 months to file an insolvency proceeding in Canada. If not, you still might be able to file a consumer proposal if you’ve maintained a bank account in Canada because that would be considered “carrying on business” in Canada.
2. Your creditors will review the history of your credit accounts and will obviously see that you’ve used their money for gambling. Getting your proposal accepted will be a challenge.
3. Seek professional help for your gambling addiction. This will not only help you recover from your addiction but it will demonstrate to your creditors that you’ve taken steps to prevent this from happening again. And this might influence their decision as to whether or not they will accept your consumer proposal.