Finding oneself in a precarious financial situation understandably can lead to stress. Whether this realization is recent or it has been a burden for some time, determining that you are at the end of your rope and cannot see a way out can be difficult to manage. If you are looking at your piles of bills, wondering where your next payment is going to come from, you may be thinking that bankruptcy is your only option for debt relief.
The good news? You may have other choices. That’s right. Bankruptcy is not the only option.
In fact, bankruptcy should be a last resort for your financial burdens. By working with the right team to determine a financial plan of action, you may be able to avoid bankruptcy and create steps towards reducing your debt and making reasonable payments. How?
The first step is to reach out to a legal professional who can go through your financial obligations with you. The only way to create an actionable plan is to address your financial obligations and develop a priority list. Your legal professional may also be able to negotiate with your creditors to eliminate or reduce your debt, so some of your financial hardships are lessened. Only once you’ve looked at all of your options should bankruptcy become a viable option.
Bankruptcy is the right choice for some people, but it should always be a last resort. At Morgan & Partners Inc., we are committed to helping you achieve your financial goals by providing expert debt consolidation and financial planning services to meet your needs. We are a licensed, regulated professional body that is recognized by the federal and provincial government. Our services go far beyond filing for bankruptcy, and we are here to help.