Is bankruptcy my only option?

[PR202019]

Hi all,

I graduated uni in 2016 and my work permit expired 2019. I have an aor and completed my full PR profile including medical in Jan and Biometrics + aor in Feb. I applied for a BOWP but it was rejected unexpectedly causing me to lose my job. I moved out of the country as required by law and came home living with my parents.

I have 16k in debt in Canada in credit cards. I was going to get a second PT job so I could pay it off within a year once my work permit was extended and winter was over. My minimum payments amount to around $1k a month - Originally even though the BOWP scenario didn't work out, I thought with a ielts tutor job or basically anything here I'd manage to save and send 1k back to Canada no problem! But with the covid situation and everyone losing their jobs here, I can't find a source of income anymore. In 7 years I missed my first payment ever on my cell bill and 3 cards at the same time a few days ago and i don't know what to do, should I look into declaring bankruptcy early and just get it over with. Take out a personal loan if possible to make minimum payments on everything for the next 6 months? Kind of lost here. I have food and shelter as I'm living with parents, but my parents can't afford to spare anything as is

 

[Copingwithlife]

I’d look into doing a consumer proposal first before declaring bankruptcy
Bankruptcy lasts years on your credit file
With a proposal there’d be a negotiated amount you’d agree to pay back over a set period of months

 

[canuck_in_uk]

Hi all,

I graduated uni in 2016 and my work permit expired 2019. I have an aor and completed my full PR profile including medical in Jan and Biometrics + aor in Feb. I applied for a BOWP but it was rejected unexpectedly causing me to lose my job. I moved out of the country as required by law and came home living with my parents.

I have 16k in debt in Canada in credit cards. I was going to get a second PT job so I could pay it off within a year once my work permit was extended and winter was over. My minimum payments amount to around $1k a month - Originally even though the BOWP scenario didn't work out, I thought with a ielts tutor job or basically anything here I'd manage to save and send 1k back to Canada no problem! But with the covid situation and everyone losing their jobs here, I can't find a source of income anymore. In 7 years I missed my first payment ever on my cell bill and 3 cards at the same time a few days ago and i don't know what to do, should I look into declaring bankruptcy early and just get it over with. Take out a personal loan if possible to make minimum payments on everything for the next 6 months? Kind of lost here. I have food and shelter as I'm living with parents, but my parents can't afford to spare anything as is

Bankruptcy is a last resort. Speak to your creditors and negotiate with them or seek help from credit counselling.

 

[canuck78]

There are non-profit credit counsellor which you should try and see. There are for profit businesses so make sure you avoid those.

 

[PR202019]

There are non-profit credit counsellor which you should try and see. There are for profit businesses so make sure you avoid those.

Can you recommend any by name that can preferably be reached via email?

 

[ivshhsiht]

Hi all,

"....I graduated uni in 2016 and my work permit expired 20I9 moved out of the country as required by law and came home living with my parents."

I have 16k in debt in Canada in credit cards. I was going to get a second PT job so I could pay it off within a year once my work permit was extended and winter was over. My minimum payments amount to around $1k a month - Originally even though the BOWP scenario didn't work out, I thought with a ielts tutor job or basically anything here I'd manage to save and send 1k back to Canada no problem! But with the covid situation and everyone losing their jobs here, I can't find a source of income anymore. In 7 years I missed my first payment ever on my cell bill and 3 cards at the same time a few days ago and i don't know what to do, should I look into declaring bankruptcy early and just get it over with. Take out a personal loan if possible to make minimum payments on everything for the next 6 months? Kind of lost here. I have food and shelter as I'm living with parents, but my parents can't afford to spare anything as is

Are you allowed to declare bankruptcy from your country if you left Canada, and moved back home, and got into financial difficulty while studying in Canada?

 

[Wolfpmd3]

Interest rate is low now....probably borrow money from bank to pay off credit card debt first

then re-finance and pay off loan...but since you are not PR yet...not sure if any bank is willing to help

No bank will do that... 16k in debt for an international who has no status in Canada? No way

 

[PR202019]

No bank will do that... 16k in debt for an international who has no status in Canada? No way

This is what I'm stressing about. I was spending (and paying) around 3k a month on average while I was in Canada and went quite a bit overboard in December holidays. My BOWP wasn't rejected until Feb, at which point the cost of flight tickets, moving my stuff to a storage unit, rent, etc. All stacked up a bit too much.

I have a car (m4) in Toronto worth around 45K market right now that I owe 35k on as well that was financed last May for 50k - I was contemplating selling it to cover most of my debt but with the current market (winter and covid) there's no interest in a luxury coupe.

 

[canuck_in_uk]

This is what I'm stressing about. I was spending (and paying) around 3k a month on average while I was in Canada and went quite a bit overboard in December holidays. My BOWP wasn't rejected until Feb, at which point the cost of flight tickets, moving my stuff to a storage unit, rent, etc. All stacked up a bit too much.

I have a car (m4) in Toronto worth around 45K market right now that I owe 35k on as well that was financed last May for 50k - I was contemplating selling it to cover most of my debt but with the current market (winter and covid) there's no interest in a luxury coupe.

So really, you have $51,000 of debt in Canada. That was smart. Sell the car, pay your bills.

 

[canuck78]

How did he ever qualify for the Audi. Did you buy or lease the car?