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Due to bad decisions and money management,as well as an employment change, I am considering bankruptcy. I owe around 12,000 on a scotiabank visa, and the same on a line of credit with them. I also have a chattel mortgage through scotiabank on a mobile home in which I owe 33,000 dollars. I would be lucky to get that much if I sold, so I have no equity to speak of. Will my mobile home ownership be affected if I go through with this?
I also bought 2500 dollars worth of furniture on a department store card in November which I fully intended to pay off, but am now unable to because of the overwhelming interest and debt. My change in employment does not pay as much at this point either. Will this be considered fraudulent use of credit to apply for bankruptcy so soon after such a major purchase? All payments up to this point have been on time, but I have juggled like crazy to meet them and will no longer be able too.
I also owe a lot of money to friends which I plan to pay back after I sell off stock in a self directed rrsp at a huge loss. An outstanding overdraft of 1500 dollars exists at the bank where I have this rrsp. Will this also be cause for concern if I sell this stock to pay debts to friends, yet an outstanding balance remains on overdraft after stock is sold? I dont know what else to do, and just want to get this all behind me.
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