Bankruptcy Alternatives

Edmonton Bankruptcy Alternatives

Updated July 25, 2014. Never go down the road of believing that bankruptcy is the only option available for people with serious debt issues. There are three main alternatives for filing for bankruptcy, and they are worth considering before you take drastic action.

Debt consolidation loans are one alternative if you owe money to a lot of different people. This will allow you to take out a loan for a lump sum and owe only one person, and be able to pay off the rest. If you are able to budget enough money to pay off this one larger loan properly and on time, then it is a good option to consider.

Personal budgeting is a big part of sorting out your financial situation. You might find that if you budget your money each month you are able to get out of the dire situation that you have found yourself in. This is a much preferable alternative to bankruptcy, as not only does it keep you from legal action, it also teaches you how to look after your personal or business finances in the future.

Consumer Proposals are a third option. If you owe money to the Revenue Agency, then you might find you are able to submit a consumer proposal. If your proposal is accepted, then it means you will be able to pay back the money you owe over a set time, and you won’t have to pay the full amount.

However, you might find that you are in such an impossible situation, that bankruptcy is the best option for you. If you find yourself in a tricky financial situation, then don’t sit back and hope it will sort itself out. Look into one of the options above, do a little budgeting, and you should be able to prevent it from getting out of hand.

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