There are many options available to consumers who find themselves facing insurmountable debt, but sometimes no matter how much you want to take another avenue, bankruptcy is the only solution available. Debt solutions such as consumer proposals and debt consolidation, while attractive, may not be suitable in all situations. Here’s when to consider personal bankruptcy in New Brunswick. It may be a difficult decision to make, but keep in mind that spending the rest of your life struggling against the crushing tide of debt will only cause you more harm.
Your Debt Keeps Mounting
If you find yourself in a situation where no matter what you do, you find that bottom line staying the same, or increasing, it may be time to consider bankruptcy. Finding yourself in a situation where despite how much you have paid on a loan the amount owing doesn’t change, or keeps going up, is a very good indicating that your current strategy just isn’t working. Many bankruptcy experts state that if you don’t anticipate paying off your debt in full within the next thirty-six months, it may be time to think about bankruptcy as a viable alterative.
You Need To Dip Into Your Retirement Fund
When you find yourself dipping into your RRSPs or other retirement savings funds, it may be time to consider bankruptcy. You don’t want to rob from your future to pay off your present, as this can set you up for long-term credit issues, and struggles in retirement that you may not have the means or the physical strength to face.
You Have Dependents
If you have young children or elderly parents who depend on you, consider bankruptcy before sacrificing household essentials. Some creditors may contact you at your job, putting your employment at risk, or they may contact you at home, increasing the amount of stress in the house. This will affect your dependents in a severe way, and will create a sense of uneasiness that you may not be able to shake when you walk in the door. Visit Powell Associates Ltd.
