Our client was a self employed professional in Ontario who experienced significant business losses, which led to falling behind on HST obligations and accumulating high-interest personal debt.
Overview
Challenges
At the time she reached out, she owed approximately $50,000 in CRA HST debt along with an additional $100,000 in credit card and line of credit balances.
She owned a home with equity (house was worth more than the mortgage) and had a vehicle she needed to keep. Her monthly debt obligations exceeded $4,000, making it increasingly difficult to stay current and maintain financial stability.
What we did
We assessed her full financial position and filed a consumer proposal in Ontario on her behalf offering $80,000.
Want these types of results?
BOOK A CONFIDENTIAL CONSULTATIONResults
Her proposal was accepted by her creditors and provided immediate and meaningful relief:
- Approximately 50% reduction in total debt
- Interest charges stopped
- Collection actions ceased
- Retained ownership of her home
- Retained her vehicle
- CRA HST debt included in the proposal
- Consolidated to one monthly payment of $1,333
- Reduced monthly payments by approximately 67%