Self-employed and struggling – How We Helped
A few years ago, I met with a man in my Kitchener office who was concerned about his financial situation. He was self-employed, and had recently seen a major reduction in income due to lost jobs and periods of unemployment. During this time he had accumulated approximately $99,350 in debt. He owed credit card companies, the government for personal income tax and HST, as well as suppliers and other business related debts. He was severely over-extended and needed help.
How we helped:
After assessing his situation, it was clear that he did not have the resources necessary to deal with his creditors directly or even make a reasonable settlement (consumer proposal). Therefore he decided that bankruptcy was his best option.
As a first-time bankrupt without surplus income he was required to pay the minimum bankruptcy administration fee of $200 per month for nine months for a total of $1,800.
Where is he now?
- He has been discharged from his debts, including the money he owed to the government
- He was able to re-establish his business and get his life back on track free from the crushing burden of his debts
- He did not lose any assets through the bankruptcy process
We can help you become debt-free too - contact us for a free consultation.