Bankruptcy Alternatives In Saskatoon
Bankruptcy is a drastic measure that no one wants to truly choose when it comes to their finances.
You may be in a situation where this option has crossed your mind.
However, it’s likely you also want to know what your other Bankruptcy Alternatives in Saskatoon are so you can determine the optimal course of action for you.
It’s natural for you to automatically think about filing for bankruptcy when money is tight, and you can’t pay your bills or debts.
While it could still be the right option for you, it’s wise to also understand your other alternatives before committing in a particular direction.
It’s important to remember that bankruptcy won’t cover secured debts (i.e., car loan or mortgage, student loans (if less than seven years old), and child and alimony support payments that aren’t up to date.
Bankruptcy not only takes time but will cost you fees, and you’ll need to attend counselling sessions.
Take the time to explore your other options first so you can find a reasonable solution.
Consolidation & Debt Repayment Programs
You may be familiar with the term debt consolidation as it refers to consolidating your bills and other debts into a new loan.
If you’re working with a realistic budget, then this could be a viable choice for you.
However, for some people, it makes more sense only to consolidate monthly payments.
Be glad to know that there are other types of debt consolidation to consider if you’ve already been turned down for this type of loan by a lender.
Bad credit will never be an issue since you’re not actually borrowing more money when you consolidate payments.
The reason being is that this is how a debt management program with a non-profit credit counselling organization works.
You can save thousands of dollars in interest while you pay down your debts because creditors will work to help you lower or waive ongoing interest charges.
You only pay each month what you can afford based on your budget.
Consolidation and repayment programs or loans will help you pay back what you borrowed.
It’s a good option because it allows you to avoid bankruptcy or to walk away from your debts.
However, you may come to realize that paying back some of the debt you owe is the ideal situation for you.
In this case, you can choose a debt settlement with a reputable company to help you get back on your feet.
You may initially turn up your nose because it sounds challenging, but it may not be as far-fetched as you may think initially.
The process will require you to offer creditors a lump sum of money, which can be enticing if you have the funds available and can make it happen.
You may decide that you want a legal alternative to filing bankruptcy as an alternative.
Depending on your circumstances, you may find that a consumer proposal is the right choice for you.
One of the several Bankruptcy Alternatives in Saskatoon includes you making monthly payments and paying back part of what you owe.
A trustee will arrange and handle the logistics for you.
Your creditors can then agree or reject the proposal on the table.
Your money problems can be solved with a consumer proposal if you have a good income and assets you would like to protect.
Choosing the Best Option
In summary, which option is best suited for you depends upon your situation and how you feel most comfortable handling your debts and repayments.
It’s a wise idea to step back and get help taking an objective look at the whole picture so you can come to the best solution.
What you’ve done in the past may not be the right choice currently, given your situation.
Now is an excellent time to reach out and schedule an appointment with a trained and certified credit counsellor who can carefully evaluate your financial state of affairs and offer up a plan that you feel comfortable moving forward with, and that can solve a lot of your money issues.
They’re experts in their field and will help you find a solution to your debt and financial dilemmas.
They’re happy to give you the information you need to make choices that will benefit your financial future.
Don’t let debt drain your finances and cause you unwanted stress.
We help people like yourself get a fresh financial start.
Get in touch with a trustee to discuss Bankruptcy Alternatives in Saskatoon and other debt-relief solutions.