Many people are not sure where to turn when they experience financial difficulties. Researching your options can get overwhelming and knowing what information to trust can be stressful. Presumably you are in that very situation since you’ve searched for debt assistance online.
The internet is a great source of information, but should always be taken with a great deal of skepticism. There are many competing strategies for dealing with debt and not all of them will work for your personal situation. Debt relief is not a one size fits all approach. It’s important to know all of your options before choosing which one will work best for you.
Not only is it important to make an informed decision about the kind of debt repayment plan you intend to use, but it’s also essential that you deal with the right person. Knowing whether your debt management expert is qualified to help you get out of debt is a good first step.
So who should you talk to about your situation?
Many for-profit counselling firms will offer what seems to be a great deal. These deals are often better than what a trustee in bankruptcy appears to offer. In most cases, it is too good to be true. You will end up paying the firm just to be referred to an “officer of the court” (who in reality, is just a trustee in bankruptcy). Without doing any research, the referral fee may seem reasonable to finally be rid of your debts, but in reality, you can speak to a licensed bankruptcy trustee for free.
Here are 3 questions you need to ask yourself when choosing a debt management expert:
- Is the person I’m speaking to qualified to help me?
- Will I be able to meet with that person face-to-face?
- Will they review my options for free?
If you answered “no” to any of those questions, you may need to reconsider your debt management professional.
A bankruptcy trustee is licensed and regulated by the federal government and are the only professionals who can administer a consumer proposal or personal bankruptcy. A trustee will meet with you for free to go over your situation and discuss options that are right for you.
If you’re feeling overwhelmed by the research process or need help to come up with a plan to deal with your debt, speak to a trustee in bankruptcy. Your first consult is free and you’re under no obligation to make a decision on the spot.
Debt relief shouldn’t be stressful. Recognizing that your debt is an issue and taking steps toward a fresh financial start is something that you should be proud of.
If your fear is that by meeting with a bankruptcy trustee you’ll be obligated to file bankruptcy, don’t worry. Although bankruptcy is a fresh start for many, it is always the last resort. Most people who consult with a trustee don’t file bankruptcy. Options range from consumer proposals, to debt management plans and many times, people just need some friendly advice about how to better deal with their financial situation.
Don’t pay a fee to talk to someone about your debts. Meet with a bankruptcy trustee for free to go over all of your options and create a plan that’s right for you.
How does bankruptcy work.if you are on social services. But your unable too work??
Hi Melinda. If you have no wages to garnishee, you don’t need to file bankruptcy to protect yourself from a wage garnishment. A licensed insolvency trustee can provide more details.
You are in a very difficult situation. Your first priorities are you roof and your meds. You likely need to contact the local Social Assistance office to get help with your rent and your meds to start, then they’ll help you address the rest. If you bank at the same institution that your credit cards are from you may want to switch to someplace new. As a pensioner no one is allowed to garnishee your pension for unpaid credit cards, but they are legally allowed to go into your bank account and take a payment if the card is with the same bank your pension gets deposited too. The trick is to find some local outside help to work your way through this…