Chartered Accountant in debt - How We Helped
A few years ago, I met with a man in our Kitchener office who was in need of a financial fresh start. He was married and was employed as a Chartered Accountant. Even though he had a high income, he found himself in an unfortunate legal situation related to separation from a previous relationship. He had over-extended his credit and had found himself in $209,000 of unsecured debt, including credit card debt, a vehicle loan and a mortgage.
How we helped:
After meeting with him and discussing his situation, we realized that because of his high income, if he filed personal bankruptcy, he would have high surplus payments. Plus, bankruptcy would affect his ability to maintain his professional license as a Chartered Accountant. Therefore, we decided that a consumer proposal would be best.
After making his consumer proposal, he was required to pay $400 per month for 60 months, totaling $24,000.
He voluntarily surrendered his house because the mortgages registered against it were greater than the value of the property. Therefore this house was not an investment and filing a consumer proposal gave him an opportunity to get out of a bad deal.
Where is he now?
- He has been discharged from her debts
- He was able to keep his vehicle
- He is working on improving his credit score
We can help you become debt-free too - contact us for a free consultation.