Time for change. Time for bankruptcy?

The problem is you have no income. You need a job. You don't even have social assistance right now! Sure you'll have some "eventually", but when is "eventually". It's the same "eventually" as when you'll get a job, right? The same "eventually" as when you'll move out of your parents' town right?

You seem to be attached to your car. It may not even qualify for exemption in the case of bankrupcy, since it is worth quite a bit and since you have a loan on it. You'll need a lawyer to know for certain. Basically, you may be losing your car either way. It's your choice which way.

If you think bankruptcy is your only option, it means you don't believe you will ever be in a position of higher income. Along with the destroyed credit rating, you can forget about owning a car like the one you have again until you're an old man, and by then you won't have many years of driving left.

Bottomline: if you enjoy driving, and enjoy nice cars, bankruptcy is not an option.

You have to dig yourself out of this. Here's how:

  1. Get a local minimum wage job. Yeah, it feels below you because it's not what you've built your career for. You need something to get the ball rolling on payments and get you out of the house and interacting with people. It will improve your mood and that will improve EVERYTHING.

  2. Sell the car. Snap some photos. Post an ad. That's the minimum you need to do. Easy.

  3. Apply for jobs outside of your town. You are NOT stuck in your small town. Yes, it's more difficult to find a job in faraway locations, but it's possible. Apply apply apply. Basically, your life for the foreseeable future will be applying to jobs.

  4. Ask your parents for help. Ask them to help you find a local job. Ask them to help you sell your car. Ask them if they are willing to lend you money at low interest.

/r/PersonalFinanceCanada Thread