If you’re experiencing financial trouble, you’re not alone.
In fact, the average Canadian owes just over $8,500 in consumer debt, excluding their mortgage.
It can be easy to fall into the habit of financing just about everything we need and want, but debt doesn’t have to be the norm.
And a life without debt can be rewarding – even though you may think at this point it’s an impossibility for you.
Bankruptcy services are one way to help you finally eliminate your debt, so you can start living the financial life you deserve.
What are the signs that I may need personal bankruptcy help?
Answering yes to any of the below questions means you should seek professional help immediately.
- Are you falling behind on your monthly mortgage or other loan payments?
- Are you hitting – or exceeding – the limits on your credit cards?
- Are you taking out cash advances on your credit cards?
- Are you taking out payday loans?
- Are you starting to get calls from collections agencies?
- Are your wages being garnished?
- Have you received notice of a lawsuit to recover a debt you owe?
How do I file for bankruptcy?
Your first step will be to contact a Licensed Insolvency Trustee.
These federally-regulated, licensed professionals are the only ones authorized – and required – to help Canadian debtors file for consumer proposals or bankruptcies.
Your initial consultation with the Licensed Insolvency Trustee will be free.
At this meeting, your Licensed Insolvency Trustee will get a comprehensive overview of your financial situation and provide you with all debt relief options available to you. They’ll also give you their seasoned, unbiased opinion on the best solution for you and your family.
If you ultimately decide that you want to proceed with bankruptcy, your Licensed Insolvency Trustee will gather the required information from you to claim bankruptcy in Canada, and prepare the appropriate bankruptcy paperwork and forms.
You will then meet with your Licensed Insolvency Trustee again, he or she will explain and review the paperwork with you, and if all is good, you sign off. Your Licensed Insolvency Trustee then files the documents with the Office of the Superintendent of Bankruptcy.
What does filing for bankruptcy cost?
The costs of your bankruptcy depend on various factors, including your monthly income, the size of your family, and your assets.
So how can bankruptcy services make my life better?
Here are just 5 ways your quality of life will be improved by getting the bankruptcy help you need to actually eliminate your debt.
1. You may be able to work less.
The more debt you have, the more you have to work to keep up with paying it back. This may include having to work more hours, doing overtime, or staying in a job that you dread. The less financial pressure you have, the more liberty you have to find satisfying work that meets your needs.
2. You may be able to retire sooner rather than later.
If you’re not constantly playing catch up with your debt, you may be able to save more for the future and grow your retirement account quickly. This could mean the difference between having to work into your 60s and 70s and being able to retire younger.
3. You’ll be able to build your personal savings account.
If you’re indebted, it can be hard to actually save money. A real personal savings account should have enough money in it to cover unexpected emergencies, home or car improvements, investments, and even entertainment like travel, movies, and dining out. Putting just the $1,000 a month that you were applying toward debt into your savings account will mean $12,000 at the end of the year.
4. You’ll be financially savvier.
You will receive financial counseling sessions from your Licensed Insolvency Trustee as part of the bankruptcy. This will help you to manage your finances better. And once you’re discharged from bankruptcy, having zero debt might make you more reluctant to pile on new debt, helping you to avoid financial trouble in the future.
5. You’ll be free of not only debt – but the anxiety that comes with it.
It can be emotionally, spiritually, and even physically exhausting to live in debt. If you meet all your bankruptcy obligations, you will typically be discharged within 9 months if it’s a first time bankruptcy. You can finally start fresh and hopefully continue to live within your means. Financial security nurtures a sense of inner well-being and calm.
Is bankruptcy my only option?
Bankruptcy should be considered a last resort for those of us in financial distress.
There are several alternatives to bankruptcy. And the sooner you get professional help, the more options you may have available to you to deal with your debt. Bankruptcy may not be inevitable.
Your Licensed Insolvency Trustee is qualified to help you with a full range of debt relief options.
Contact a Licensed Insolvency Trustee Today
If you’re overwhelmed with debt, pick up the phone and call us to schedule your free initial consultation. We’ll review your personal financial circumstances and explain all your debt relief options to you. You make the final decision on how to proceed. Get started on the journey to better financial health today.
Photo by Rémi Walle on Unsplash