Self-employed Workers and Debt: Bankruptcy as a Retirement Plan?

What options are available for a self-employed worker in debt? Bankruptcy is sometimes the only solution, but another option may be considered.

In a La Presse interview, Éric Lebel, Partner and Licensed Insolvency Trustee at Raymond Chabot Grant Thornton, explains why bankruptcy may be a solution for planning retirement.

He looks at the example of a self-employed worker struggling with a high debt load and proposes various debt repayment scenarios. Lebel mentions that, in addition to bankruptcy, another lesser-known option is available: a consumer proposal, a reduced repayment agreement with creditors.

Read Lebel’s advice (in French) for avoiding debt issues as retirement draws near.

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