Question: I have been employed only 6 months in the past 8 years and have been living with close relatives for free. I have been living off my credit cards and line of credit and have reached/exceeded the credit limit. I owe over $40,000. I have no money. My relatives do not know I owe this much money. I have trouble getting a job in my former profession. Can I qualify to file for personal bankruptcy? What else can I do?
Answer: Yes, you would qualify to file bankruptcy. As for other options, that would depend on your future job prospects.
While you may be unable to find a job in your profession, if you are able to find any job, it may be possible to file a consumer proposal as a way to avoid bankruptcy. To file a consumer proposal you would either need your own income, or help from family, to fund the proposal.
An Ontario bankruptcy trustee can provide you with a more detailed explanation of your options.