The biggest mistake most people that have personal debt problems make is that they wait too long to get the debt help they need. Many people will struggle for years with their personal debt issues, exhaust their savings, attempt to get a debt consolidation loan, refinance their property, and sell assets all in an attempt to avoid filing personal bankruptcy. It is only after all other debt settlement options have been exhausted that they will consider meeting with a trustee to discuss the possibility of filing personal bankruptcy or making a consumer proposal. This is extremely unfortunate since the majority of assets including RRSP’s, vehicles, personal belongings and pensions are exempt from seizure by creditors. Had these individuals met with a trustee in bankruptcy sooner and explored all of their debt settlement 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 debt help you need the more options you will have. By meeting with a licensed trustee in bankruptcy as soon as you start to experience money problems you will understand all of your options and be able to come up with the best plan for you and your family.
- Chris Welker
