Many people will, at some time or another in their lives, struggling with financial problems. While the more superficial problems can cause a lot of trouble and worries, money problems more often create serious a vicious circle which can be difficult to escape.
If you feel stifled by the weight of your debts and your creditors harassing you relentlessly to them shall refund the money you have not, you may need to declare personal bankruptcy. However, before we get to that, there are other options that you could choose to implement.
You might first try to make an agreement with your creditors. If it is not already, set your budget and analyze it carefully. Perhaps the reduction of one or two of your monthly payments would be enough to help you overcome your problems. Attempt to establish an agreement with one or more of your creditors, contact them by phone or in writing.Explain honestly why you can not pay, and offer to allow you to make lower payments, spread over a longer period of time. Help you set your budget for a realistic solution for your situation. It is of course possible that your creditors refuse to agree with you, but you might be pleasantly surprised.
A consumer proposal is a different kind of agreement that can be offered to creditors. The main difference is that the agreement generally requires the services of a trustee in bankruptcy. The trustee will analyze the nature of your financial problems and propose an agreement between you and your creditors. This agreement might be to spread your payments over a longer period of time, or even cancel some of your debts. Again, your creditors are free to accept or reject the offer of settlement.
If any agreement with your creditors is not possible, you may want to take out a consolidation loan. Debt consolidation is rather simple: a financial institution agrees to pay all your creditors for you, thus canceling your debts. In exchange, you undertake thereafter to repay the financial institution. You will not have a single debt with a single interest rate, which could be lower and allow you to save on interest.
If no other solution does not work, you might consider a personal bankruptcy. You should contact a bankruptcy trustee who, after reviewing your situation, you confirm that he is the best solution for you. You agree to remit your property to the bankruptcy trustee, who will arrange to repay all your debts and pay your creditors. You can then start anew. The trustee will recommend strongly meetings to advise you and give you all the tools you need to avoid falling back into your bad financial habits, avoiding new problems once your bankruptcy is completed.
Regardless of the magnitude of your money problems, you should not hesitate to ask for help to get out and improve your situation.
If you feel stifled by the weight of your debts and your creditors harassing you relentlessly to them shall refund the money you have not, you may need to declare personal bankruptcy. However, before we get to that, there are other options that you could choose to implement.
You might first try to make an agreement with your creditors. If it is not already, set your budget and analyze it carefully. Perhaps the reduction of one or two of your monthly payments would be enough to help you overcome your problems. Attempt to establish an agreement with one or more of your creditors, contact them by phone or in writing.Explain honestly why you can not pay, and offer to allow you to make lower payments, spread over a longer period of time. Help you set your budget for a realistic solution for your situation. It is of course possible that your creditors refuse to agree with you, but you might be pleasantly surprised.
A consumer proposal is a different kind of agreement that can be offered to creditors. The main difference is that the agreement generally requires the services of a trustee in bankruptcy. The trustee will analyze the nature of your financial problems and propose an agreement between you and your creditors. This agreement might be to spread your payments over a longer period of time, or even cancel some of your debts. Again, your creditors are free to accept or reject the offer of settlement.
If any agreement with your creditors is not possible, you may want to take out a consolidation loan. Debt consolidation is rather simple: a financial institution agrees to pay all your creditors for you, thus canceling your debts. In exchange, you undertake thereafter to repay the financial institution. You will not have a single debt with a single interest rate, which could be lower and allow you to save on interest.
If no other solution does not work, you might consider a personal bankruptcy. You should contact a bankruptcy trustee who, after reviewing your situation, you confirm that he is the best solution for you. You agree to remit your property to the bankruptcy trustee, who will arrange to repay all your debts and pay your creditors. You can then start anew. The trustee will recommend strongly meetings to advise you and give you all the tools you need to avoid falling back into your bad financial habits, avoiding new problems once your bankruptcy is completed.
Regardless of the magnitude of your money problems, you should not hesitate to ask for help to get out and improve your situation.
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