April 19, 2024

Younger Quebecers are more and more represented in chapter proceedings in Quebec. Our Bureau of Investigation and the JE program met a number of younger individuals who turned bankrupt earlier than the age of 25.

TOTAL DEBT: $14,668

  • SURNAME : Stéphanie (fictional identify)
  • AGE : 23 years
  • CITY : Rawdon
  • BANKRUPTCY : October 2020
  • CAUSE : poor monetary planning


In her early twenties, Stephanie gave her mates the impression that she had achieved nice success together with her lovingly embellished condominium and model new Chevrolet Spark. Sadly, this picture of prosperity and independence relied closely on credit score and masked nice monetary fragility.

When Stéphanie separated, she needed to begin paying the lease herself. She additionally realized that purchasing a brand new automotive got here with excessive prices that she had not imagined. The unpaid payments rapidly piled up.

“There have been a whole lot of mobile phone accounts [que je ne payais pas au début]. I saved telling myself that it didn’t matter,” she explains.

And bank cards. If you’re younger, it’s simple to fall into it. That’s the choice: I’ve cash there that I can take with me, it’s quite simple.”

At across the identical time, Stéphanie additionally had a automotive accident. Nonetheless, she was solely insured “unilaterally” as a result of she wished to pay much less for her month-to-month funds.

“I crashed the automotive and it’s not coated. I’ve to pay larger quantities as a result of I used to be already late on my payments. […] I’ve been in a position to deal with this earlier than. However the [j’étais] introduced in [milliers de dollars de dettes]Me at 20 years outdated, I couldn’t do it [envisager] that,” she admits.

“I felt suffocated. I couldn’t see the top,” she continues.

On the age of 20, the younger Rawdon resident filed for chapter with money owed totaling greater than $14,000.

Paradoxically, she herself was working for a credit score establishment on the time.


Within the interview, the younger girl made no secret of the truth that it was not simple for her to admit every thing to her kinfolk.

She revealed to her mom that she wasn’t rolling in gold, despite the fact that she initially didn’t need “it to be recognized, to return out.” With a purpose to scale back prices, she ultimately moved again in with the latter.

Despite the fact that beginning a course of to reorganize her funds gave her nice aid, the chapter she skilled is just not the answer to every thing, she says. She needed to pay an quantity to her collectors each month for 3 years.

“The very fact stays that chapter will observe you. “It’s not all good as a result of the debt has been paid off,” she says. She talks in regards to the disgrace that also haunts her as a result of she didn’t know methods to handle her affairs effectively.

In the present day Stéphanie is progressively attempting to realize management over herself. Regardless of being instructed that having a bank card can assist enhance her credit score rating, she continues to be hesitant to get one once more. She fears falling into the identical debt spiral once more.

She works at a daycare heart and says she will’t afford to return to high school.

The younger girl advocates for extra monetary schooling in secondary college.

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