When life throws you a curve ball and knocks you off your feet it's good to know there is a way to regain your footing and restore your peace of mind.

The curve ball may take the from of job loss, health issues, changes in family relationships which impact income. The list is endless.

No one wants to declare bankruptcy, but sometimes due to uncontrollable circumstances, it is necessary.

Consumer proposals are an alternative to bankruptcy.

A consumer proposal is an agreement between you and your creditors which allows you to pay a portion of the amount owing.

It stops the accumulation of interest, creditors phone calls and stops any garnishees and other legal actions.

Corporate bankruptcy will stop the calls from creditors and other collection activities.

When considering Corporate bankruptcy it is useful to keep in mind that the corporation is a separate legal entity. As such the filing for protection from creditors under the Bankruptcy and Insolvency Act., does little to effect the personal exposure to directors for things like unpaid GST, HST, employee deductions, and any personal guarantees which may have been given.