If you are having a hard time managing your debts, you may wonder if it is in your best interests to move forward with the personal bankruptcy process. Although bankruptcy can help you find relief from your debts, at Morgan & Partners Inc., we strongly urge you to remember that personal bankruptcy is not your only option. Before you make the final decision to file, you may want to try to negotiate with your creditors, consolidate your debts, or let us help you create a consumer proposal.
However, we realize that in some cases, personal bankruptcy really is the right solution. For this reason, you may want to consider filing if:
- You have been out of work for a considerable period of time
- You are not eligible for unemployment income and you do not have any savings to rely on
- Your home will be foreclosed upon in the near future
- Your wages are being garnished
- Lawsuits have been filed against you for failing to pay your bills
One of the main benefits of filing personal bankruptcy is that once you start the process, your creditors can no longer contact you to demand payment. Additionally, if your case is successful, it is highly likely that a portion of your debts will be discharged.
If you are intimidated by the filing process, it is best to seek professional assistance. At Morgan & Partners Inc., we are here to assist you with the process and help you achieve a fresh financial start. For more information, please contact us today.