The real question that everyone wants us to answer when they come in for a consultation is “how do I know if bankruptcy is the right thing for me to do?”
Unfortunately, no one else can make the decision for you. We can tell you:
What we can’t do, is tell you if it is the “right” thing for you.
Like most decisions, if you are thinking about filing bankruptcy, you need to consider a lot of different things including:
- What will it cost to file bankruptcy?
- How long will bankruptcy last?
- How will my home or car be affected?
Our Trustees can answer these questions and more at your free consultation however there is more for you to decide.
A less obvious, but equally important consideration is “How do I feel about filing bankruptcy?” Bankruptcy is one of those legal terms that everyone has heard; most people don’t know exactly what it is, but they are pretty sure it’s not good. In other words, most people feel pretty bad about even thinking about bankruptcy.
That’s ok – no one expects you to be happy about, but you need to keep things in perspective.
Bankruptcy Is a Fresh Start
The concept behind bankruptcy is that you need relief from your debts. For whatever reason (and there are many) you have accumulated more debt than you can handle and you need to find a way out.
You’re debt payments are taking up too much of your take home pay and you may be falling behind on your bill payments. The phone may be ringing. You may be afraid to open your mail. The stress from all of these things already has you feeling pretty bad about yourself and your situation. Then someone comes along and suggests you think about bankruptcy – can it get any worse.
This is the turning point. Until you start looking for help to solve your financial problems you aren’t really in control. The lack of control is where most of the stress and the “bad feelings” come from.
If you’ve made the effort to start some research and you are experiencing financial difficulties then you should take the next step – book an appointment to see one of our professionals to review your situation (if you don’t live near any of our offices then find a local trustee to go and see).
Bankruptcy is not the only way to solve financial problems. When you talk with one of our bankruptcy trustees, we will discuss 3 or 4 different ways to approach your difficulties including a consumer proposal. The solution that you pick will depend on your situation and on what makes you comfortable.
So, bankruptcy just may be the fresh start you need.
We can work with you to help you understand your choices so that you can make an informed decision on how to deal with your financial problems. Once you make that decision some of the stress will be relieved and you will start to feel better about your situation and yourself.