Posted on Monday, April 02, 2007Dealing With Debt - Live on the RadioTed Michalos and I were guests on two live call-in radio shows on Saturday morning. We started the day appearing on The Experts Show on AM 640 in Toronto at 10:00 am, and then at noon we were guests on Ask The Experts on 570 News in Kitchener.The theme of both shows was debt, and our goal was to give listeners some strategies for dealing with debt.  One of the callers said that he owed $65,000 to Revenue Canada. His problems started while he was out of work while he recovered from heart surgery. He was not able to pay his taxes, and now he owes taxes, penalties, and interest. Many people we help have had health problems that lead to financial problems. We have also helped many people deal with tax debts. We told the caller that if he cannot afford to continue paying Revenue Canada in full, one option would be to get a debt consolidation loan. Unfortunately with his high level of tax debt, that may not be possible. A consumer proposal is another option, and is best suited to someone with sufficient income each month to create a repayment plan. Without sufficient income, the final option is personal bankruptcy. During both shows we emphasized that even though you may feel "stressed out" and overwhelmed by debt, there are solutions. You are not alone. Our professionals are here to help you make a plan to deal with your debts, so call us at 310-PLAN, or complete our one minute on-line evaluation and one of our professionals will contact you to set up a no-charge initial consultation to help you make a plan to deal with your debts. Labels: bankruptcy ontario, consumer proposal, debt, tax debt Posted by J. Douglas Hoyes, CA, Trustee @ 6:38 AM
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