Self-employed sub-contractor overwhelmed with debt – How We Helped
A client of ours in St. Thomas found out first had just what a powerful and positive solution filing bankruptcy can be. Our client, “John”, was a married man with a family to support. He was a self-employed painter and his income was the main household income. After years of money mis-management, he realized that his income would never be enough to service the $47,500 of government and credit card debt he had accumulated. He was overwhelmed and needed help.
How we helped:
Since John had no assets which would be affected by bankruptcy and no income with which to make a consumer proposal, we agreed that his best solution was to file personal bankruptcy.
By filing bankruptcy:
- his creditors were prevented from taking legal or collection action against him
- he was able to get a fresh start
- he was discharged from most of his debts
- his wife's credit was not affected by the bankruptcy
In the end, he paid his creditors $1,800, amounting to $200 per month for nine months.
Where is he now?
John was able to keep his vehicle and his life insurance, which was very important to him. He paid off his creditors in nine months and was quickly on his way to rebuilding his credit.
If you are overwhelmed with debt and need help, we are here for you. Please do not hesitate to contact us. It’s never too soon and it’s never too late.