When should I file bankruptcy?

Friday, October 26, 2018 - 14:16

Bankruptcy


There are several reasons why you might want to file for  bankruptcy immediately. The problem is, many people in these situations still continue to wait a very long time before reaching out to a licensed insolvency trustee. This kind of a delay will only make your debt situation worse. If you're currently experiencing one of the following debt scenarios, bankruptcy could be right for you.

You're putting low-cost necessities on your card: If you're having to buy things like toothpaste, gas, food and toilet paper on your credit card, this is a very bad sign. It means that you don't have enough income to support your credit card payments in addition to your daily needs. You may want to pursue bankruptcy fast.

You're paying off one of your credit cards with the other: If you're forced to pay your minimum payment on one card with another card, this is a tactic that is only delaying the inevitable. Sooner or later, you will find yourself in a whirlpool of uncontrollable debt.

You have a second or third job: If you're working more than one job so you can pay your credit card and your daily needs, you might not be able to sustain that for very long. Look into your bankruptcy options as soon as possible.

If you are experiencing any one of these debt scenarios, it wouldn't hurt to set up a free, no-obligation consultation with a licensed insolvency trustee at Welker & Assocaites. We will review all options with you and give you the information you need to make a decision that's best for you. 

Latest Posts

Are you still receiving statements from creditors?

After filing bankruptcy, you should no longer receive statements from creditors. But, in some instances, you may still receive some statements. Don’t worry. If you’ve filed bankruptcy or make a consumer proposal, there is no need to worry about the statements.

August 9, 2019

Bankruptcy, Collection Agencies

Why do I need credit counselling?

After filing bankruptcy, you are expected to attend two mandatory credit counselling sessions, required under the Bankruptcy Insolvency Act, to aid in your financial rebuilding process.

August 5, 2019

Credit Counselling