There are many different ways that people find themselves in debt. This can be from a personal debt due to changes in the economy, becoming unemployed or even a business not doing as well as you had hoped. Do you find yourself trying to decide which bill to pay and which bill to let go so you can keep a roof over your head and food on your table? Perhaps you need to think about a debt solution that would work for you. You could file bankruptcy or have a proposal written up.
Top Reasons People Go Bankrupt
A Proposal vs. Bankruptcy
You may try to keep from filing bankruptcy, and you can do this by filing a proposal. A proposal is typically used as a means to resolve debts that have become unmanageable. Unmanageable debt can be from having too many creditors that you simply can’t afford to pay. In a proposal if you no longer have to pay the interest on your debts, and only need to make one payment to the trustee of your case. The trustee will then divide the payment among your creditors.
This would allow you to be able to pay your debts or at least make a partial repayment. However, if you have no way of paying even a portion of the debt you owe, you should consider filing bankruptcy. Bankruptcy is a way for you to deal with the debt that you have no means of ever being able to repay. A well qualified specialist that deals in debt solutions in New Brunswick can help you decide which option is best for you.
The Process of Filing for Bankruptcy
When you are filing for bankruptcy, you will have to give detailed information about any of your assets, past transactions, current income, liabilities and your circumstances that brought you to this point. When you meet with a trustee they can review the information and tell you if they need anything else by going over a questionnaire with you. When you owe $1,000 or more and/or you have property that is not worth as much as you owe on it, you can file bankruptcy. By being able to review this information, a trustee will be able to tell you if filing bankruptcy is a viable option for you.
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