I do not like this option. No matter what anyone says, it's the type of thing that follows you around. "Hey, isn't he the guy who declared bankruptcy?" And it stays on your credit history, which prospective employers will often ask for.
There's a middle-ground option that's less of a black mark on your record, and it's called a "Proposal under the Act" or a "consumer proposal." Basically, you agree to cough up a certain percentage of what you owe, say 25 cents on the dollar ("That's a popular figure," Mr. Kroll says), either over time or in a lump sum ("If, say, a relative is willing to lend you $10,000 of the $40,000 you owe," Mr. Kroll says.)
But I'm not crazy about that one, either. Particularly if you choose the pay-over-time option, it can take years to clear your credit and get back on track.
I hate to say this, and you probably hate to hear it, but it may be time to hang up the thespian's tights for a bit and find a bill-paying job or gig.
"As what, pray tell?" you may ask in your stentorian, Shakespearian tones, rolling the 'r' slightly, in a voice that carries to the back rows.
Whatever it takes, dude. That's what I did, coming up. Preferably something where they don't mind if you slip out for auditions.
Then maybe one day you will hit the jackpot - get cast as a gay priest, say, in a series called Justin Time about a cop who can see 10 seconds into the future - and you will be able to tell your boss what you really think, do what you love and live both large and within your means.
Until then, I'm afraid you may have to look to the left, look to the right and, holding hands with the rest of the troupe, take a deep bow; and with a brave, grateful expression on your face bound into the wings for a bit to get your financial house in order.
I would never advise anyone to give up on their dreams. But having a little intermission between acts can be a good thing. It's not a confession of failure, it's a concession to reality. I have every confidence you will come back refreshed and ready to chew up the scenery with renewed gusto, sprezzatura and histrionic flair.
David Eddie is a screenwriter and the author of Chump Change and Housebroken: Confessions of a Stay-at-Home Dad.
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