Self-employed and struggling – How We Helped

Wednesday, May 6, 2015 - 14:52

Bankruptcy, Business Concerns, Government Debt

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.