Bankruptcy but is really me if despite
your best efforts in ongoing monthly payments the amount you all it’s not really come
down for you can no longer continue with those payments you should step back consider
realistically what options are open to you to manage your debt get the relief
you’re looking for there are four options to deal with the
situation the first to involve working with either a nonprofit credit counselor or refinancing the debt both these
usually involve paying off your debts in full but over an extended period of time for
trying to negotiate with each creditor individually a settlement for an amount less than you
are all these a reasonable options you have to have sufficient monthly cash
left over after all other living expenses to make these workable and each of your creditors are involved
has individually agree to your plan our offer if this has become unaffordable for the
reason sufficient cash to do this these options are probably not right for
your situation the other two options that we alluded to earlier are doing a consumer proposal or
failing that considering a bankruptcy consumer proposal makes sense if you
have sufficient income after living expenses what your
creditors a reduced amount in full settlement about offered needs to be a reasonable
amount of money towards the debt sometimes as low as 30 percent of what
you owe fitted us to offer more than your
partners would get in a hypothetical bankruptcy by if there is insufficient cash in your
budget to offer a reasonable consumer proposal the last remaining option is a
bankruptcy in this baby your best solution bankruptcies forward
misconceptions so let’s go through the truth of what
bankruptcy actually is there are two major factors to be
considered in a bankruptcy your income and your assets but securing
Cup the government is determined that you
need a certain amount of monthly income depending on the number of dependents
that you have for regional means a living anything burns above this is called
surplus income in a part of that surplus must be paid
over to your creditors for a period of time range from 21 to 36 months if there is
no surplus because you lost your job for instance you do not have to make any surplus
income payments and the bankruptcy may be a short is nine months similar rules apply your assets like
your car or are speeds you’re allowed to keep certain assets to
allow you to earn a living for retain most or all of your arse piece for retirement
so if you have no surplus income and do not own your home or you do but
it has significant mortgage on it then it is likely that you have an
opportunity to keep your home and burn your income but you will still
be able to completely eliminate your debts bankruptcy also provides the protection
against most legal actions against you like a wage garnishment you’re not have
to deal with the ongoing likely harassing calls from creditors and collection agencies these are all
handled by the trustee in a first-time bankruptcy and upon
completion evolve your duties at the end of nineteen or twenty one
months if we discharged from bankruptcy you can start afresh so if you find
yourself in a position that after paying regular monthly payments
you still have a significant debt load that it’s becoming increasingly
difficult to manage into bankruptcy might be the best
solution for you eliminate your debts let you start rebuilding your financial
future as professionals our commitment is to help you find a solution that’s
best for you for a free consultation call us today