Thank you I will take this is to consideration.
I know its time to do something

I am not an expert on the Federal Bankruptcy and Insolvency Act and, therefore, not qualified to answer your question re: whether you can keep your house after a bankruptcy. I do know that the bankruptcy laws in Ontario are different than the laws in other provinces and I have heard of cases where some discharged bankrupts have been able to keep their house, but I do not know the details. I know that declaring bankruptcy is usually regarded as a final step if all other efforts fail in attempting to resolve your financial situation.

I believe that it would put your mind at ease if you sought the advice of a Trustee in Bankruptcy. Usually, their consultation is FREE , therefore, the price is right and you would have a much clearer picture of where you stand. If bankruptcy or a consumer proposal is not right for you, the Trustee will be upfront with you and suggest another course of action that you could take.

Please give this suggestion very careful consideration.

Good Luck and have a GREAT DAY

Thanks for your posting and your advice. This is the last thing I want to do as I know nothing about Bankruptcy except it is very bad! Im thinking I will sell my house and live with relatives until its paid off I rather do this then bankruptcy. My husband and I both work and he just got a promotion so we should be able to pay this off in two years.If we move but if not your right. Would I loss my house if we Claimed Bankruptcy?
I just thought maybe I could consalidate my debt it as my credit score is still excellent as I pay my bills everymonth. Our overdraft is always paid when we get paid but we live in it through the week.
Thank you

I strongly urge you to seek out a licenced Trustee in Bankruptcy IMMEDIATELY if not sooner. You and your husband are in "deep doodoo" and it's just a matter of time before you know whats going to "hit the fan". No one can live month-to-month in an overdraft situation. You can't get out of a hole by keep digging and that is exactly what you and your husband are doing. By the sound of your blog, you are robbing Peter to pay Paul. You can't do this very long because Peter eventually runs out of money.

I want you to go to your Telephone Directory and turn to the Yellow Pages and look under TRUSTEE IN BANKRUPTCY. Select a Trustee, call them and make an appointment. They will usually give you a free one-half hour consultation. Be sure to bring all your financial information with you. The Trustee will review your situation and advise you whether you should proceed with a Declaration of Bankruptcy or a Consumer Proposal.
It is imperative that both you and your husband attend this meeting

together.

Good Luck and have a GREAT DAY

Owe and another thing is we live in OVERDRAFT each month! Thanks

Hello Im new to this forum and I have been reading the posts and there is a lot of great info. Im from Ontario
I was wondering if any of you could give me some advice as my husband and I are in so much debt. We do not of creditors calling us or no collections but it will get to that point as we have put ourselves into a very bad situation and dont know what to do anymore. We have owned our house for 2 years so not enough consolidate our debt on to our mortgage. this is what it looks like
20,000 credit line debt
15,000 credit line debt
21,800.00 Visa debt
6000 HSBC
5000.00 personal loan

How embarassing I feel sick!
We can only afford to pay 800.00 a month at this point so we transfer are debt around ina circle each month so nothing gets paid off!
Any help or advice would be greatly apperciated!

Thank you
Lise