Whether you are barely holding on or the debt collectors have already come knocking, the best strategy is to take stock of the situation and come up with a plan as soon as possible. Everyone has the same basic options when it comes to dealing with your debt.
If you’ve declared bankruptcy in the past, know that you’re not alone. Further, know that your situation is nothing to be ashamed of. No one wants to declare bankruptcy; sometimes, it may be the only solution to a difficult situation.
The sooner you pay off your consumer proposal - the better.
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:
I was recently asked by a friend if it was better for them to pay down their mortgage or pay off their credit cards. I answered him with a question of my own. I asked him if he was given the option of the following two investments which would he choose?