The Difficult Decision Of Declaring Bankruptcy

2017-07-13   minute read


Does this scenario sound a little all too familiar?


Finances (or lack thereof) have taken over your life. You don't know where to turn. You can’t sleep. You’re irritable. You can’t focus at work. Your personal life is suffering. You’re only making the minimum credit card payments (if you’re managing to make payments at all). You’ve used one credit card to pay off another. You’re borrowing money from friends and family to stay afloat, though you’re not quite sure how you’re going to pay them back. Your creditors won’t leave you alone and you feel like you’re running out of options.

These are just a few signs that you’re having financial difficulty.

If you’ve found yourself stuck in what seems like a never ending cycle of debt, it’s important to know that you’re not alone. With a wavering economy and unemployment taking its toll on tens of thousands of households, many Canadians find themselves struggling from one day to the next. An MNP Debt Professional will be happy to meet with you for a free, no-obligation consultation, where we can gain an in-depth understanding of your unique financial situation and help you get a clear idea of the options available to you so you can choose the best route forward as you take control of your debt and start preparing for a stronger financial future.

That first step — making that first phone call, sending that first email, having that first meeting — is always the hardest. But it will also remove a significant amount of weight from your shoulder — giving you the strength to move forward. For some, filing for bankruptcy is a viable and manageable option. If bankruptcy is right for you, the professionals at MNP will guide you through the entire process and put an end to your debt problems for good. They’ll help you prepare a balance sheet, draw up a budget and file the necessary documents with the Office of the Superintendent of Bankruptcy to make sure you’re protected. There is absolutely no shame in declaring bankruptcy. Thousands of people do it every month. Not only is it your legal right, it will protect you from your creditors and help you get out of a difficult situation.

For more information about whether bankruptcy might be the best route for you and your household or what other options may be available, contact your local MNP Licensed Insolvency Trustee today. Working together with you, we can help you get back on track and working towards the future you imagine for yourself and your household.

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