Bankruptcy Self Diagnosis
Are you late to the bankruptcy party?
More often than not, people who are in severe debt want to pay back their debt.
It was never their true intention to simply purchase items with no repayment plan.
Because of their good intentions, it can be very difficult for these individuals to come clean with the fact that they can no longer make payments on these debts.
The more time that passes, the more debt compounds, putting the individual further into debt.
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By the time you go to get help from a debt expert, you may be late to the party, and instead of being able to deal with your debt in a less impactful manner, you’ll end up needing to claim the big bad B known as bankruptcy.
Money problems don’t appear overnight, so getting help earlier can be immensely helpful.
Are you able to qualify for bankruptcy?
Many people who struggle with debt automatically believe the only thing they can do to reduce their debt is to declare bankruptcy.
The truth of the matter is that many people want a “simple” way out of the debt by filing for bankruptcy.
However, bankruptcy is never simple, can take anywhere from 7 to 21 months, and many people are not even insolvent who want to claim it.
Trying to solve your own debt by claiming bankruptcy is not always possible, and if there are other options, it’s advisable to take them.
Don’t assume bankruptcy is the best (or only) choice
If you are in debt and think that bankruptcy is your only choice, put that idea on hold.
Make a consultation with a licensed insolvency trustee, and do not try to self-diagnose needing a bankruptcy, since there are variables you may not have put into the debt equation.
Instead, take action as soon as you recognize there is a debt cycle problem that you can not seem to get out of.
The sooner, the better
When your debt becomes a burden, you begin reducing your chances of how to reduce your debt.
If you’ve missed even one credit card payment, or are biting your nails as to how you’ll make your mortgage this month, consult a financial professional.
Absolutely do your own research about what debt solutions you may be able to seek out for financial stability, but seeking out debt relief services earlier rather than later will put you on the road towards financial success and freedom.
It can be difficult to admit you need debt relief, but waiting longer will not make your debt problems disappear.
Being honest with yourself is the first step.
The second step is scheduling a meeting with a licensed insolvency trustee or credit counselor.
When you meet with a Bankruptcy Canada credit counselor, we will look over your finances, and work towards a solution in which you are not claiming bankruptcy.
Self-diagnosing your financial situation as needing to file for bankruptcy is not the right thing to do.
Educate yourself, and reach out to a debt expert.
How to File for Bankruptcy
What is Bankruptcy?
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?