The biggest mistake most people that have personal debt problems make is that they wait too long to get the help they need.
Many people will struggle for years with these issues, exhaust their savings, attempt to get a consolidation loan, refinance their property, and sell assets all in an attempt to avoid filing personal bankruptcy. It is only after all other options have been exhausted that they will consider meeting with a trustee in bankruptcy to discuss the possibility of filing personal bankruptcy or making a consumer proposal.
This is extremely unfortunate since the majority of assets including RRSPs, vehicles, personal belongings and pensions are exempt from seizure by creditors. Had these individuals sought help sooner, and explored all of their options they would have learned that there are ways to get out of debt that would have allowed them to keep the majority of their assets.
The sooner you take action and get the help you need the more options you will have. Together, we can understand all of your options and be able to come up with the best plan for you and your family.
