Finding yourself in the middle of a financial crisis can be incredibly stressful. The bills keep piling up, the collectors keep calling and you can’t see an end in sight. If you’ve gone to credit counselling in Edmonton, and you’ve exhausted all the debt solutions presented to you, bankruptcy may be your best option.
Here are six signs that it’s time to consider it
1. You Can’t Afford the Minimum Monthly Payment
The minimum monthly payment is the lowest amount that the creditor will accept as payment for your debt each month. Typically, this amount represents a small percentage of your overall debt. If you find that the minimum monthly payment is out of reach, then you may need to consider filing for personal bankruptcy in Edmonton.
2. Your Debts Have Gone to Collection
When you stop paying your bills, your overdue accounts will be moved to collection. Not only does having your debts transferred to a collection account have a negative impact on your credit rating but collection agencies often use aggressive tactics to try to pressure you into making a payment.
3. You Rely on Payday Loans for Necessities
When you are trying to juggle ballooning debt payments with the basic necessities of life, it’s easy to feel like you’re being stretched too thin. This can lead many people to resort to payday loans as a way to get cash quickly. Payday loans may seem convenient but their high interest rates actually leave you worse off each time you use them.
4. You Have More Debts than Assets
If your total debts are greater than the sum total of your assets, it will be impossible to settle your debts simply by selling off everything that you own. In cases like these, bankruptcy is often the best way to move forward and get out from under the weight of your debt.
5. You’re Scared to Answer the Phone
If your stomach turns every time the phone rings because you’re being harassed by a number of different collection agents, then personal bankruptcy may be a solution.
6. You’re Depressed
When you’re dealing with creditor calls, mounting debt and a lack of funds you may start to feel anxious or hopeless. But just remember, you’re not alone. Our compassionate and professional credit counselling services can offer you a supportive ear and expert advice on the debt solutions that’ll help you improve your situation.
For effective debt solutions, credit counselling and services for personal bankruptcy in Edmonton, visit Fox-Miles & Associates Inc. We offer comprehensive, credit counselling and debt management services to individuals and businesses all over Edmonton. Call now to request a free consultation.
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