What Debt Management Solution is Right for You?

Should you consider a debt management solution?

• Do you receive calls from people you owe money to more than once per week?
• Do you have trouble saving money?
• Do you use a cash advance on one credit card to make your payment on another credit card?
• Is dealing with collection agencies something you worry about?

If you answered yes to any of these questions, you may have serious money problems and should consider looking for a debt management solution.

There are different strategies available for dealing with debt - filing bankruptcy being an important one. Fortunately, a good debt management solution does not always mean personal bankruptcy; there is a number of bankruptcy alternatives available to people with financial problems.

Your options: bankruptcy & alternatives to bankruptcy

At MoneyProblems.ca we recommend five strategies for dealing with money problems. To determine which solution is right for you to help you manage your debts - is it bankruptcy or one of the alternatives to bankruptcy - please follow the links below for more information on each of the options:

What do I do now? How do I decide which bankruptcy alternative is right for me?

Take action! Once you have reviewed the five strategies listed above, you need to determine which debt management solution will help you solve your money problems. To do this, we recommend that you have a professional help you. For example, you may require a debt consolidation loan to consolidate your debts into one monthly payment; or, you may need consumer credit counselling. It is also possible that you will need to sell your house or your car to reduce your monthly expenses. Consulting with a licensed bankruptcy trustee about filing a formal consumer proposal to your creditors might be something that would help you. Finally, let's not leave out the last alternative: you might have to file for bankruptcy.

An experienced bankruptcy trustee can help you analyze each of the available options against your specific circumstances and then you can make an informed decision in choosing a debt management solution that is best for you. Most bankruptcy trustees listed on our site offer a free initial consultation.