Self Employed and too much debt?

Does this sound like you?
Angie has been self employed for the past 15 years, but recently, due to an illness, she has had to close her business as she cannot afford to pay someone to take her place. Angie now owes about $50,000 on credit she used to finance the business with and does not know how to come up with the money to pay them back. What can she do?

What can you do?
Individuals in this kind of situation have a number of options. Obviously without a regular income it is difficult to save up enough money to pay back your debts. Solutions to this problem include a debt management plan, a proposal to creditors, but most likely bankruptcy.  In a bankruptcy some assets may be liquidated and the money is used to pay back your creditors. It is one of the fastest ways to get rid of debt.

If this sounds all too familiar and you’re looking for help, call our office today at 519 622 3773 or email me your question.