Welcome to our Community. I am sad to hear about your job, and do appreciate the fact that you are taking proactive measures to address the situation. I am positive that members of our forum will step up with their ideas.
Thank you so much, Ani! I hope others would come up with great ideas and suggestions!
Hi Richard, It would definitely help you to visit a financial expert such as a reliable bookkeeper or a CPA that regularly deals with small business clients. By reviewing your financials, he or she can then approximate how much financing you will need, taking into account existing debt obligations and operating revenue. They can also be instrumental that your records are in order. Sloppy or incomplete records can lead to declines from lending institutions, if they are not sure what the specifics are.
You also can take advantage of our many resources and expert articles to help you along your journey. You can find a lot of great information by browsing the Bank of America Small Business Resource Center: Credit and Lending.
I hope you find this information helpful. Feel free to continue to ask questions. We've got a great community, who will be glad to help!
Six years ago, I bought a condo by securing a mortgage from a nearby credit union. During that period, I had a job in a multinational firm based in Ontario. So, it wasn't a difficult task for me to pay the monthly bill. The situations changed so quickly and I lost my job. I'm planning to consolidate my debts so that it would help me to reduce the monthly payments.
Debt consolidation could help in combining several unsecured debts including credit cards, bills and other mortgages. I have heard about a few professionals and bankruptcy trustees in Toronto offering consultation on debt consolidation. What are the documents needed for debt consolidation? If you know something related to this, please let me know!