As the famous saying goes, even the best-laid plans often go awry. The same can be said about business plans.
When seeking financial assistance, we tend to assume debt settlement companies have our best interests at heart. Unfortunately, a rising number of Canadians are falling prey to companies with dishonest intentions.
If you're considering bankruptcy, it's common to feel nervous about how this financial decision will affect your future. With many Canadians facing job uncertainty right now, you may be asking, "Will I lose my job if I declare bankruptcy?"
If you're falling behind with making your debt payments, know that you are not alone. Many Ontarians feel the stress of financial instability these days.
It is important to understand and plan for the possibility of surplus income payments in bankruptcy. Before filing for bankruptcy, ask your Licensed Insolvency trustee to estimate your surplus income payments.
When your debt mounts to the point that you are no longer able to pay your bills, you may choose to file a consumer proposal rather than filing for bankruptcy.