Falling into debt can create a wide range of financial and personal difficulties for any person. When consumers are behind on payments, subject to high-interest rates, and living paycheck-to-paycheck, debt can be a burden that holds them back from more than just money for groceries. It can eat up dreams, cause a significant amount of worry and stress, and require a serious adjustment in lifestyle to turn your finances around.
When the bills add up, and payments are months behind, many consumers have no idea what to do. Dealing with debt can seem insurmountable, especially when trying to deal with it alone. They struggle to meet minimum obligations, ignore creditor phone calls, and may even go into social seclusion to avoid the reality of their circumstance. There are ways to tame debt and for consumers who desperately need to get help from a bankruptcy trustee.
Recovering from a financial crisis can take time and money. It can also mean putting dreams on hold for a short while so that the bigger picture of a financial future is more secure. Not letting debt control life means depending on the highest qualified people to get help before that future is forever gone.
The Best of the Best
Pursuant to Canada’s bankruptcy and insolvency laws, bankruptcy trustees are the highest qualified debt consultants in the country. They are trained professionals who are authorized and know how to manage the worst cases of bad debt. Contrary to their title, they do not always advocate for bankruptcy.
Instead, a bankruptcy trustee can make recommendations on how to solve individual debt cases — with or without insolvency as an action. As a consumer consultant, a trustee can suggest and find other ways besides bankruptcy to eliminate debt:
- Credit Consolidation: as the most trusted and experienced professionals in the debt business, trustees know the best ways to restructure, consolidate, and manage debt payments to reduce and eliminate debt.
- Consumer Proposals: trustees can draft legally binding agreements between debtors and creditors to address even the most serious debt problems. In some cases, under an agreement, a consumer can pay off debts in five years.
About 80% of consumers who utilize the services of a trustee end up not filing for bankruptcy. Intrepid problem solvers, trustees know the pitfalls that accompany a bankruptcy and work to avoid those consequences for their clients.When it is time to break the chains of bad debt, get help from a bankruptcy trustee for the best solution on the road to financial recovery.
Breaking Free from Debt
Debt can be a burden on the financial matter, but when it begins to control other aspects of life, consumers who don’t want to be controlled by debt need to find ways to break free. Overwhelming debt can hamper social activities, family life, and personal relationships. It can create stress and anxiety that manifests in physical ailments.