Does this sound like you?
Mary Higgins has been self employed for the past 15 years, but recently she has become ill and must close her business as she cannot afford to pay someone to take her place. Mary now owes about $80,000 to unsecured creditors 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 all property is liquidated in exchange for money. The money is used to pay back your creditors. It is one of the fastest ways to get rid of debt. To research your options further, click here.
If you're having financial difficulties and live in the Cambridge area, call (519) 622-3773 today to meet with Howard Hayes or Douglas Hoyes, or complete the ask a question form to send us a message and we'll get in contact with you.
