Bankruptcy and Consumer Proposals for High Income Earners
Contrary to what you might think, financial difficulties are not limited to low or middle income earners. In fact, many professionals with high incomes find themselves in financial hot water because their high incomes blind them to the need to save. Just as anyone else living from paycheque to paycheque with no savings, many have no fallback position when economic setbacks occur (job loss, business failure, etc.).
Can a high-income earner still file a consumer proposal or bankruptcy? Absolutely. In fact, there are a number of financial solutions available to high-income wage earners, including consumer proposals (if unsecured debts are less than $250,000), bankruptcy, and various tax solutions. Because of their unique circumstances, however, high-income earners often require specifically tailored approaches, especially if their professional licences and/or practices might be at risk if they file for bankruptcy.
The very best advice we can give a high-income wage earner who finds him/herself in financial trouble is this: don’t let embarrassment stop you from seeking professional help as soon as possible. A skilled trustee will be able to review your financial situation and help you decide on the best option based on your personal circumstances. The sooner you act, the more options you may find are available to you.
For more information or to speak with one of the highly trained experts at Doyle Salewski, call us now for your free, no obligation, confidential consultation: in Ottawa call 613-237-5555; out of town, call toll-free 1-800-517-9926 or book online.