If you are a resident of Scarborough Ontario, Canada, and you are not able to afford paying your bills as they become due and you are unable to file for a consumer proposal to your creditors, then it may be necessary to file for personal bankruptcy in Scarborough to help you cope with your overwhelming debt load.
Filing for personal bankruptcy is a difficult decision for anyone to make. Surely it will help eliminate most, if not all, of your debts, but it will also negatively impact your credit score and make it difficult for you to obtain credit in future. Before you decide to go ahead with any decision, you must first meet with a licensed insolvency trustee to review all your options, and you can feel better that you are making an informed decision based on all the facts laid out to you.
Take the following pointers into consideration:
You may have other options
Many people who are in so much debt, who don’t how to pay those debts, and who feel like there is no light at all at the end of the tunnel, often think that going bankrupt is the only viable way out for them. In fact, bankruptcy is not an option for everyone. There are certain requirements that a person must meet in order to file for bankruptcy in Ontario and in other parts of Canada. For example, if you have enough assets that can be sold and they would generate enough money to pay off your debts, then you would not be easily deemed eligible for bankruptcy. If you have certain types of debts, such as child support, alimony, student debts and tax debts, those cannot be wiped out through a bankruptcy proceeding. If you have enough income to afford a repayment plan, then you won’t be considered for bankruptcy.
Other options may work better for your debt situation, such as a consolidation loan or a debt management plan or even a consumer proposal. Find out first what available options are out there to help you get out of debt before even considering filing for bankruptcy. Going bankrupt should be the very last course of action to resolve your debt situation..
Know who to ask help from
There are so many debt collection scammers preying on debtors who feel helpless and hopeless. Be careful who you ask help from. Only consult with debt professionals who have the proper qualifications, such as those with Certified Credit Counsellor designation, Accredited Financial Counsellor Canada designation, and Licensed Insolvency Trustees who are granted licenses by The Superintendent of Bankruptcy under the Bankruptcy and Insolvency Act (BIA). These experts are highly specialized and experienced in helping individuals who have very high debts. They can give the right advice that is in your best interest and they know how they are going to work with your creditors to help you get out of debt.
Plan ahead
When you go to qualified debt professionals for debt help, they will assuredly find the right way to help you pay off all your debts and help you become debt free. Still, they go a step further to make sure that you don’t go back to the same spending habits and wind up in the same position all over again. Their services will include teaching you how to manage your finances and offer tips on effective debt planning and budgeting so you won’t go back into the same spending habits and patterns which got you into all your debt problems in the first place.
Filing for personal bankruptcy in Scarborough may be the only thing that comes to your mind when you realize that you can't afford to pay your debts. But, before you make any final decision you need to think carefully about your options, understand how the process works and what going bankrupt could mean for you and your family in the future.
No comments:
Post a Comment