I had a VLT habit that escalated over the years. I ended up using credit card cash advances and unsecured personal lines of credit to the max. Then I lost my job and could no longer keep up with the payments. After being un-employed for over a year, and unable to make the payments, all my credit was revoked and sent to collections. My new salary is much less than I had previously made. It would take 8 or 9 years of paying almost everything I make to clear these debts. I would hit retirement in 10 years with nothing. Does how the money was spent have any relevance in being released from bankruptcy? I haven't gambled in over 1 year.

The Bankruptcy and Insolvency Act requires that a bankrupt's discharge be heard by the Court if gambling is the primary cause of bankruptcy. If you are no longer gambling and haven't incurred debt gambling recently, you would likely receive an Absolute Discharge from the Court.

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca