Coming up to retirement and in major debt

Bankruptcy - Individuals
Toronto, Ontario

What Happened?

I had been working as a subcontractor in construction my whole life. I simply couldn’t take the physical demands of the job anymore. Unfortunately, while I was of age to retire I still had a large mortgage and this year was coming up to a massive income tax debt upon filing. There was no way I had the money to pay. My income was less then ever, my credit was maxed out, I had no equity in my home, and I knew the moment I filed that tax return the CRA would be coming after me.

The Solution!

I explored getting a debt consolidation, or a mortgage refinance, but no one would help me. I looked at a Consumer Proposal but with my income being so low it wasn’t viable. Bankruptcy ended up being the right choice. I had to agree to a low monthly payment for nine months and I am looking forward to starting off on fresh footing without that tax debt lingering over my head.