FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Self employed with a negative for 2010 income

I am newly married with 17,000 debt. I filed my taxes and have a negative income according to them. I do bring in around 40,000 now but can’t really prove it. I have two children and I don’t want this to affect my husbands good credit. Can I file for a consumer proposal?

Posted from: Ontario

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One Response to “Self employed with a negative for 2010 income”

A licensed trustee said...

In order to file a consumer proposal you need to be able to demonstrate an ability to make the payments – that means whne you prepare your monthly budget you have to show (at least on paper) that you can make the payments.

From a practical standpoint, whichever trustee you speak to is going to ask you whether or not it makes sense to continue with your self-employment. If you are losing money for tax purposes it may be that you aren’t actually making any money. I understand that you are probably writing off some of your rent, car and other expenses, but at the end of the day if you aren’t showing a profit then the business may not make sense… Just be prepared for this conversation.