I'm currently on EI and I just have the 2 credit cards and 1 line of credit. I'm not sure what the status of the cards are. I've been making the minimum payments until about 2 months ago on the MasterCard, last month on the VISA and this month on the LOC.mikeymike1 wrote: ↑With no income how are you supporting yourself?? Not living inside a cardboard box are you?
The cost of bankruptcy is approx 2-3k
What's the current status of the 3 credit products?(R3, R4, R9)? or are there multiple cards and you're just totalling them under respective categories?
If its just one MC that's maxed out at $10,700 the likelihood of that creditor litigating against you will be greater and more likely due to the debt amount than charging the account off and selling it to a 3rd party collections.
You should prepare a preliminary financial statement for yourself to determine which road to take, CP or bankruptcy.
Search Form 13.0 Ontario courts financial statement. PDF should be available.
Form 79 Statement of Affairs
You're going to need to fill this out anyways if you go either way. The creditors you may default on may even want a copy.
Thanks to all who replied, but I guess I was looking more for some step-by-step advice from someone who's been through this before.