Location: God's own country
Posted on: 18-01-06 18:50:56
-Deleted Due to sensitive nature of info. provided
Thanks
TK
-----------------------------------------------------------------
I am a Gents and not a Ladies.
I might be able advise you as well as help you on some fronts. If interested, send me a pm with your phone number and I shall call you back.
Chandresh
-----------------------------------------------------------------
Chandresh
Advice is free – lessons I charge for!!
Location: God's own country
Posted on: 18-01-06 19:58:55
Dear Chandresh,
Thanks for offering to help me.
I have sent you a PM w/ my phone number.
Call me when you have time.
Once again, Thanks
TK
-----------------------------------------------------------------
I am a Gents and not a Ladies.
FYI..There are alternatives to bankruptcy like a proposal. That can be used if your assets are significantly more than your liabilities and you have a steady income. Otherwise a bankruptcy is the best option.
As a consultant you will have to pay the employer's share of CPP along with your own.(Total 10%) You are not eligible for EI. At CAD30,000 / year the real benefit is that you can write off a part of your rent/mortgage interest/utilities etc. Incorporation does not make sense.
Again I would suggest bankruptcy as an alternative. It is not very cumbersome , it will get your ~40,000 loan written off.
Just as a start
Get the LOC from ING at 6.8% and pay all your credit cards (at 18%) , then pay whatever is remaining to the LOC at 8% . This is will reduce your debt to a great extent ..
-----------------------------------------------------------------
We will find a way or we will make one
After declaring bankruptcy, how many years after that does it keep coming back to haunt you? I.e... you can't take out any loans, etc. And also, does it give you a bad credit rating?
Hello Tamilkuravan ,
Something does not gel about your story. In one of your previous posts dated August 2005 you had indicated that you got a salary of 120K and had 40K in your bank account
http://www.canadiandesi.ca/read.php?TID=9409&page=1#53262
Now you tell us that you are 35K in debt?
In yet another post you on September 16 2005 you tell us that you make 14 dollars an hour and your wife makes 20 dollars an hour.
If your salary is actually low and you had inflated it for visa purposes , how did you manage to get a 35K LOC?
What is the true story?
