If you have tax debt and can’t afford to pay it, one option for dealing with this debt is to file a consumer proposal. Some advantages of filing a consumer proposal are:
Filing for bankruptcy is never an easy option for business owners. The decision can feel like a personal failure and may leave one unsure about the future. Bankruptcy can certainly be difficult, it can also provide relief for those struggling to keep up with debts.
Licensed Insolvency Trustees (LITs) are federally regulated professionals who provide advice and services to individuals and businesses with debt problems. LITs help people make informed choices to deal with their financial difficulties.
If your student loan is causing you financial hardship, it is a good idea to have an in-depth discussion with a bankruptcy trustee.