Question: My husband and I have a lot of debt and live in an apartment. My father is disabled and needs financial help so I always help him. Right now i’m unemployed and suffering from anxiety and depression. our debts include a consolidation loan of 20,000(his) which 14,000 of it was from a vehicle, we owe 15,000(ours) on a line of credit and have an additional 9,000(4 mine 5 his) in credit card debt as well as a student loan for 2,500 from the year 2002(mine). my husband works 40 hours a week making 20$ an hour and I have no income. Would bankruptcy be an option for us and how will it affect us???
Answer: Yes, bankruptcy would be an option. You can read more here about the affects of bankruptcy in Ontario. Bankruptcy would discharge your debts, but there is also a cost to bankruptcy based on your income, so you will need to decide whether or not filing bankruptcy makes sense for you at this time.
Before making the decision to file for personal bankruptcy in Ontario, you should contact a licensed Ontario bankruptcy trustee for a no charge