The fourth step to end your financial problems
For some time, you can not manage to pay all your bills? Some of your creditors start harassing you on the phone to get paid?
Before slipping irretrievably into over-indebtedness, react! Get closer to an insolvency professional: the trustee in bankruptcy!
Contrary to popular belief, the trustee in bankruptcy is not only there in case of personal bankruptcy: it is strongly recommended to consult one of our professionals from the first financial problems to prevent the situation from worsening. He will propose appropriate solutions according to your level of indebtedness.
By reacting quickly
You can rebalance your accounts by selling a property you no longer need or limiting your non-essential expenses. This budget adjustment is usually sufficient when the debts are recent or temporary. Moreover, if your debts with your creditors are reasonable, do not hesitate to contact them to expose them your situation! You risk nothing and it is sometimes possible to negotiate a downward revision of what is due or a repayment over a longer period. Creditors are generally open to this type of negotiation because it is preferable for them to bankrupt their debtor. And, as far as you’re concerned, it can already help you feel more comfortable financially.
If we wait
The larger the amounts due, the more difficult it is to repay them and the more difficult the financial problems are. The key is not to fall into the spiral of debt: taking out a loan to pay off a loan you can not pay is not a viable solution. Our advisers will guide you to other alternatives to get out of this impasse: voluntary deposit, consumer proposal …. Bankruptcy is an approach that is offered only as a last resort: indeed, it has the advantage of erasing all of your debts, but it is not trivial because your credit report will be tainted for a minimum of 6 years.