All case studies

I got behind on filing my tax returns and once I filed and after penalties and interest I owed three times more than I thought I would – and I couldn’t afford to pay it.

Bankruptcy ended up being the right solution for me.

I closed up and asked the landlord if there was a concession that could be made on the balance of the lease. They refused – this was a huge property management company. Needless to say they sued me for $48,000, which was the balance on the lease.

I ended up owing over $100,000 to the CRA between income tax and HST.

I entered into a credit counselling program where I was able to honour my debt and make a reduced monthly payment I could afford…

I had been working as a subcontractor in construction my whole life. I simply couldn’t take the physical demands of the job anymore.

We were planning to use home equity to consolidate debt a couple of years back. Then the mortgage regulations changed and the bank said CMHC was no longer insuring refinanced mortgages and that we didn’t have enough equity to refinance without it.

We used a number of our credit cards to complete renovations on our home a few years back. My wife is a real estate agent and business has been really slow the past year.

When I filed my tax return, I ended up owing about $15,000. I wasn’t sure how much I would owe because I had rental income, but I also had expenses. For some reason, I thought that one would just offset the other.