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Kamerine

Is it okay to have bankruptcy proposal at a young age?

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I am a 23 yo old student from Toronto. I have a debt of over $15000. I am worried about the effect it will have on my future. 
I am struggling to stay afloat. I can't afford rent most of the time, can barely afford utilities, and I'm making little to no progress paying any of this off. My friend suggested going for a bankruptcy proposal as I will have some money leftover instead of half going to essentials and the other half going to pay down debt.
Is it okay to file a bankruptcy proposal at this young age? Does it seem like the best thing to do at this point? Has anyone done this before?

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22 minutes ago, Kamerine said:

I am a 23 yo old student from Toronto. I have a debt of over $15000. I am worried about the effect it will have on my future. 
I am struggling to stay afloat. I can't afford rent most of the time, can barely afford utilities, and I'm making little to no progress paying any of this off. My friend suggested going for a bankruptcy proposal as I will have some money leftover instead of half going to essentials and the other half going to pay down debt.
Is it okay to file a bankruptcy proposal at this young age? Does it seem like the best thing to do at this point? Has anyone done this before?

Most every one here is only familiar with US laws and how credit agencies here work regarding impacts like BK.  Canada law and credit issues could be very different, so it may be hard for us to give you any opinions to help specifically.

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3 hours ago, fisthardcheese said:

Most every one here is only familiar with US laws and how credit agencies here work regarding impacts like BK.  Canada law and credit issues could be very different, so it may be hard for us to give you any opinions to help specifically.

As shown above, we cannot help with Canadian laws.  We don't know what the effects of BK would be in Canada.  Here in the US it is possible to recover from BK; to even have multiple BK and still be elected president.  I have no idea what it is like in Canada.

In the US, at some point a BK will be off your credit rating, and it will be as if you never had a BK.

Perhaps you should find someone in the legal profession in your area who specializes in BK, and have a consultation.  Many attorneys will give either a free first consultation, or else a low-fee consultation, at least in the US. The only problem is the old adage that to a hammer every problem looks like a nail.  An attorney specializing in BK might push you to BK even if that is not your best option.  

Here in the US, many employers have a system whereby the employees can chat on the phone for free with an expert in their field.  Sometimes some banks or credit unions have access to free or low cost financial consultants.  You might want to explore that option as well.

It would be helpful to get more than one opinion.  Some of the people you talk with may have a bias either for or against BK.  Getting multiple sides of the story will help you formulate your best strategy. 

And that is what we advocate here.  We advocate that each person come up with the strategy that is best for that particular individual.  

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