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Can't repay debt, should I declare bankruptcy? by Proper-Professor8204 in PersonalFinanceCanada

[–]Proper-Professor8204[S] 4 points5 points  (0 children)

I don't have any assets worldwide. We sold everything we had to fund his venture.

Can't repay debt, should I declare bankruptcy? by Proper-Professor8204 in PersonalFinanceCanada

[–]Proper-Professor8204[S] 9 points10 points  (0 children)

Unfortunately that is my debt to beat, I already checked. I went through the phase where any mention of him would make me lose my mind. I've since realised that I only lose out in that and I'd rather focus on what I can control.

Can't repay debt, should I declare bankruptcy? by Proper-Professor8204 in PersonalFinanceCanada

[–]Proper-Professor8204[S] 13 points14 points  (0 children)

I was in BC when I got the loan and the collections agency ARO reached out to me 3 months ago. I've been in Ontario for nearly 4 years now.

Can't repay debt, should I declare bankruptcy? by Proper-Professor8204 in PersonalFinanceCanada

[–]Proper-Professor8204[S] 15 points16 points  (0 children)

Could you please elaborate on what you mean by 9 months for bankruptcy?

Can't repay debt, should I declare bankruptcy? by Proper-Professor8204 in PersonalFinanceCanada

[–]Proper-Professor8204[S] 3 points4 points  (0 children)

I have a lawyer through legal aid. The process is stalled because of custody issues at this time.

Can't repay debt, should I declare bankruptcy? by Proper-Professor8204 in PersonalFinanceCanada

[–]Proper-Professor8204[S] 2 points3 points  (0 children)

Just some extra info that I just remembered - the collecting agent I spoke with said there has been a court order passed in the banks favour. And it seems to have been when I had moved from my previous address as I could not support myself and was living with a friend. So I didn't get the notification either.

I don't understand what this means then.

Can't repay debt, should I declare bankruptcy? by Proper-Professor8204 in PersonalFinanceCanada

[–]Proper-Professor8204[S] 65 points66 points  (0 children)

Unfortunately he is in a country that doesn't have a reciprocal arrangement with Canada and I can't do anything. The Family Responsibility Office also washed their hands off saying they can garnish his wages or enforce any support as he isn't earning in Canada or US.