Canadian unsecured debt, living in the US
I live in the US, with $55,000 in unsecured debt in Canada (all from a consolidated debt with a bank).
I make $5000 per month. Loan payments are currently 45% of my income.
What is the best option for me regarding bankruptcy? I have no intention of moving back to Canada.
Your best option is to file bankruptcy in the US.
That will erase the Canadian debt in the US and you could be out of bankruptcy in 4 months.
Note that if you return to Canada that debt will still be owed and the bank can pursue you for collection in Canada.
Here is some more information covering Canadians living abroad: