It is normal for debts to pile up sometimes and it may seem like it is impossible or unbearable. So, most people often tend to think that filing for bankruptcy is the best course of action. While this may seem like the easiest choice, it is advisable to first look for other solutions to your debt problems. The best and fastest way you can get to learn about these options is by involving a professional mortgage broker and trustees in bankruptcy.
People in Kitchener, Ontario have debts that come in many different forms and sizes. The most common types of debt are:
• Secured Debts – a good example here would be a mortgage or a car loan.
• Alimony and Child Support Debts
• Medical Bills
• Student loans
The only way you can handle your debt effectively is first by noting down the exact parameters of your current debt situation. This entails the following;
• Assessing your expenses versus your income
• Listing the debt, balance, interest rate and payment
• Noting down how frequent you use your credit cards and the exact items you use them on together with the amount of money spent
• Getting to know your overall credit status
A consumer proposal is an arrangement that allows the person in debt to pay some or all of their unsecured debts by making monthly payments over an agreed upon period of time. This period of time can vary in length and is agreed upon by the debtor and trustee before the Consumer Proposal begins. Under these agreements, the debt is significantly reduced as debts are re-negotiated with the creditors.
Solve Bankruptcy Problems through Acquiring Professional Services
You can get a potential Kitchener bankruptcy stopped by seeking out the services of qualified professionals such as mortgage brokers. Benefits you will enjoy by enlisting services of a professional mortgage broker are:
i. A professional mortgage broker can carefully review your situation, assess and help you set your goals. They will also advise you on some of the current debt options available to you and help you formulate a viable plan towards getting your Kitchener bankruptcy stopped.
ii. Seeking out a qualified professional such as a trustee to discuss options and handle these kind of situations is also most helpful. They can counsel you concerning debt management, consumer proposals and personal bankruptcy.
iii. A professional may be in a better position to negotiate with your creditors, and perhpas agree to new payment terms (including doing a consumer proposal).
iv. In extreme cases, they will advise you on how to properly file for bankruptcy.
v. Some professionals may also provide you with free services to help you budget and formulate a plan to manage your debts.
vi. A trained professional in their respective field is obliged to do what is in your best interests. They will do their best to make sure that they present you with the best solution, and help you come out of your debt problems with integrity. You will be a happy that your debt problems were solved, and they will find a long-lasting client in you. It is a win-win situation.