You make decisions almost every minute of your life. You hardly give much thought to the many minor decisions like what to eat for lunch or what shirt to wear for work.
But when it comes to major, life-changing decisions, such as filing for bankruptcy, you need to pause and think things over.
If you’re looking for good advice on claiming bankruptcy, you can start by asking yourself the following questions:
How Deep am I in Debt?
No matter how overwhelmed you may feel about your financial problem, don’t be afraid to look it squarely in the eye and see how much you truly owe.
It’s only by going through your credit card statements, loan documents, and bills that you can get a clear picture of your situation, which is necessary if you want to know your debt repayment options.
Is My Budget Enough to Repay my Debts?
Once you’ve determined the amount of debt that you need to pay off, take a look at your budget.
If you can identify and implement effective cost-cutting measures, you may be able to repay your debts without having to file for bankruptcy. You could also determine if debt consolidation, debt settlement, or a consumer proposal can work to your advantage.
How Will Filing For Bankruptcy Affect My Life?
Bankruptcy consultants and Licensed Insolvency Trustees from leading companies, such as Yanch, Dey & Associates Ltd., ensure you understand how each debt solution will impact you and your family.
Our friendly staff will explain the benefits and consequences of claiming bankruptcy. If the impact on your credit and life is more than you can handle, we’ll help find an option that’s right for you.
Dealing With Financial Problems?
Why do you need help with debt relief in the first place?
Bankruptcy may solve your present financial difficulties, allowing you to focus your energy on other important issues like finding employment, dealing with health issues or mending marital problems.
Bankruptcy can be a lifeline thrown your way to help you out of a pit, and allow you to restart your life free from the burden of your debts.
About the Author
Kelly Dey is a Licensed Insolvency Trustee throughout Ontario.
As a Licensed Insolvency Trustee, she is licensed and regulated by the Superintendent of Bankruptcy to administer proposals and bankruptcies. She continues to actively consult and provide guidance to those seeking to file a bankruptcy or consumer proposal in Ontario.
Yanch Dey & Associates Ltd. offers a wide range of bankruptcy and debt management services in the GTA, Durham Region and County of Northumberland.