Filing for bankruptcy or even the idea of it can be unsettling. What happens when your bankruptcy attorney tells you that it is your last resort? The fear and guilt associated with it can turn your world upside down.
According to a report published by Canadian Association of Insolvency and Restructuring Professionals, the personal bankruptcy rate in the different states in Canada – Vancouver, Surrey is on a rise. Consumer insolvency case filings have seen a 9.5% rise in Canada over the last 12 months. If you are struggling to manage your debts and thinking of filing bankruptcy, you should have a look at the other alternatives. Follow this blog to know about the tips to avoid bankruptcy.
Take care of your four basic utilities
When you are facing debts and trying to crawl out of your debts and avoid bankruptcy, make sure to take care of your four walls first – food, utilities, shelter, and transportation. If you have hit the rock bottom, do not pay anyone else until your basic needs get covered.
Start living on a tight budget
You are trying to avoid bankruptcy. That means you have no space for spending on frills. Make a budget only satisfying your basic needs and stick to it. Remember that drastic times call for drastic measures.
Try to get a second job
Today, the financial burden on families is high, and having a second job is quite common. Try to get a second job and this will help you in avoiding bankruptcy. Just be sure you are putting in extra effort to pay off your debts. Getting a second job will cost you time and energy. Remember it is temporary.
You can consider debt consolidation settlements
Struggling with finances and opting for bankruptcy is hard. Because of its lasting harm to your credit, bankruptcy should be your last resort. You can opt for debt management services in Surrey to manage your financial situation. Your negotiator will work with your creditors on your behalf and try to bring down your debts. You can also take a loan to consolidate all your previous debts and make payments for this one loan at a low interest. This can lower your monthly payments and make your repayment status sustainable.
Talk to a financial advisor
If you are facing personal bankruptcy in Surrey, one of the best options is to sit down and talk with a financial advisor when you need any guidance with money issues. Yes, you may feel ashamed and afraid to talk about your money but you are in a tough time and you need help to come out of this situation. This is perfectly ok to opt for. Just make sure that your financial coach is experienced in the field and can guide you well in your process. Don’t let anyone take advantage of your Bankruptcy.
Debtconsolidation BC will help you in making your way out from overburdened debts. Avoid your bankruptcies and get your finances by consolidating your debts. Together, our staff will work with you and walk you out of this financial wreck and move into financial security once again.