Can I file bankruptcy over a $6240 unsecured loan?

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Can I file bankruptcy over a $6240 unsecured loan?Can I file bankruptcy over a $6240 unsecured loan?  I have been paying interest only for 5 years ending this month Sept.30 2017.

Next month, I cannot pay anymore. I have no money or income at all and savings finished.

I’m out of Canada and I cannot go back because I cannot even afford to buy a ticket.
What should I do?

Thank you for your help

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I believe you are judgement proof, which means you don’t have to file bankruptcy in order to have protection from your creditors.

Please refer to the following article for more information:

https://bankruptcycanada.com/dealing-with-debt/judgement-proof/

Yours truly,

Earl Sands, LIT

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