What a World!

You Ain’t Seen Nothing Yet

What a world I live in.

Last week I had stepped into a pile of doodoo.

Actually I began the process of initiating a personal bankruptcy.

Life in Banruptcy

I had a telephone interview with one of the gatekeepers. What a world!

I have been pulling together all my credit card statements, retirement savings statements, AND something to state my earnings.

And it’s that last piece that’s throwing me.

I had made commissions last year to the tune of about $2300 CAD. And this year – well – I just got paid $198 USD which turns into about $263 CAD.

So no steady income and I think that is what a licensed trustee for Bankruptcy would be looking for. I would have to pay him $200 monthly for the nine month term.

Filing for bankruptcy would clear my 70 grand in debt and I would keep my 100 grand in retirement savings. But loosing the credit cards and my ability to pay and be paid would be lost.

I did take on further debt to help me move my business forward after and during a bankruptcy. I extended my co-branded sales page license for another year. And I’ve made advance payments to extend the registration of domain names and their hosting; and my auto responder. I also extended my subscription for inVideo Studio for a three year plan. And the big one – I paid the extra $3k for an Accelertor Platinum membership to ensure I could continue to ask questions of our coaches and take in any further training documents. Too bad I couldn’t get the commission off that – directed to a colleague in need. But the most worthy company – Internet Profits – is most deserving.

My attempts to hook up another bank account with my business Paypal is proving to be very difficult if not impossible. And then the questions become, “How do I pay Internet Profits invoices?” and “How do I receive commissions?”.

A sticky wicket it is!

Life without Bankruptcy

On the other hand – if I ignored the advice of my accountant… What a world eh?

I would have to start cashing in retirement savings to pay off some immediate bills. My business owes about three grand on the Goods and Services Taxes. And personally I have made arrangements for monthly installments – but with the stipulation that I would have to pay any taxes owing for 2023 – immediately. And this comes to about $2300.

Then there’s the balance transfer with an interest free period on my business credit card. That period is up this month and I should really pay off the ten grand.

Now don’t get me wrong. All this money that I owe stems from being laid off in Jan of 2021. I invested in some drop shipping and other ecommerce courses – then of course, my investment for my current gig with affiliate marketing – but my debt also includes 3 years of living expenses.

Putting off this idea of bankruptcy, would allow me, as a shareholder of my company to get back the tens of thousands I have invested. I want that money back. And a bankruptcy would surely kibosh the return on that!

Pro’s and Con’s of my BIG Decision

But here’s the thing – my cashed in retirement savings need to be declared as income along with about 30% in taxes. Then with an income – I would no longer qualify for certain payments from the Canadian Government in retirement. What a world!

If I listen to my accountant and go through with the bankruptcy, my income would be kept to a minium and in about a year’s time – at retirement age – I would get a combined sum that would make life comfortable. If I ignore the call to bankruptcy, I would receive a mere pitance – meaning my retirment needs to include other sources of income.

And then – today – in a motivational Monday video from Dean my mentor, he spoke about hitting rock bottom along with that gut feel that I MUST do what those that are successfull at affiliate marketing – what they do.

And why must I do this? My one strong compelling motivational why is that I don’t want to loose credit I have built over the years. My why still contains a bunch of nice to haves but without ample credit – I feel those goals will be harder to reach.

And so for you – I challenge you to find that one compelling motivational why.

Then if you find that this is something you MUST do – you will figure out the next steps to move your business forward.

But if you find this is something that would be nice to have, then most likely moving your business forward will take considerable more time.

I’ll keep you posted on my progress – and more importantly – What Decision I Make. And let me just say – You ain’t seen nothing yet!