When To Consider Personal Bankruptcy to Deal with Money Problems?

Personal bankruptcy should be treated as the final option, the last resort to deal with money problems.

You have considered or tried other debt relief programs:

  • you have made a household budget to understand where your money goes each month;
  • you don’t qualify for a debt consolidation loan;
  • you have explored credit counselling and a debt management plan;
  • you have looked into a consumer proposal;
  • and none of those options will work.

If that is the case, personal bankruptcy may be the correct solution for you.

The key is to evaluate all other options, and then meet with a licensed bankruptcy trustee to review your options in deal. A free initial consultation will help you make an informed decision about whether or not bankruptcy is the correct option for you.

More information about bankruptcy in Canada can be found at bankruptcy-canada.com.

Category: Bankruptcy |

Nov 7, 2006

About J. Douglas Hoyes

J. Douglas Hoyes, BA, CA, CPA, CBV, CIRP is a Licensed Insolvency Trustee and the co-founder of Hoyes, Michalos & Associates Inc., one of Canada's largest independent personal insolvency firms. As an expert in debt management, Doug has been helping people deal with debt for more than 20 years.

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