personally cover business debt
I opened an incorporated business in 2005, and borrowed 25k for equipment and tools. This business has never produced any results on paper or in real life!
I ran into financial difficulty and started working for another company to pay bills. 9 months later I ended up with an injury and got laid of from that job, leaving me in a position of uncertainty career-wise again.
I am looking @ retraining into a new work field; customer service or social work related.
My pay will not be close to what I was making as a mechanic or cover my personal/business bills. Is bankrupty or proposal the
only way to support me in this transition?
There are a number of potential ways, you can consider a consolidation loan, debt management plan, depending on your province Orderly Payment of Debt. However it is really all going to come down to cashflow. All the options I just listed are ways to pay your debts in full with a reduced interest rate and may not be affordable.
From the sound of it either bankruptcy or a proposal will likely be necessary to fit with your reduced income.
The best thing to do is to contact a local trustee, review these options and your availabe cashflow and they will be able to help you determine which scenario would be the best fit.