Don’t Let Debt Spiral Out of Control

Friday, September 5, 2014, AM | 2 Comments

If you are drowning in debt, rest assured that you are not alone. Millions of Americans face crippling debt that holds them back in life and keeps them from living up to their potential. There is, however, a way out. Filing for bankruptcy will give you relief from your creditors and a financial fresh start.

Don't Let Debt Spiral Out Of Control

The question of how long to wait to file bankruptcy is one that many people face.

  • It Will Only Get Worse

    If you are already stuck in a bad situation, waiting will only make the situation worse. The interest, penalties and fees will pile up, leaving you even further in debt.

    Many people simply don’t have the means to pay these bills, and making just the minimum payments is like being on a permanent treadmill.

    If you are considering bankruptcy, start the process sooner rather than later to avoid falling further in debt.

  • The Collection Activities Will Intensify

    First the creditors will start with letters, then nasty phone calls. Then the garnishments and the lawsuits will start. They may place liens on your property, including your bank account.

    Consider what happens if a creditor levies your bank account. They get a court order to take all of the money in your account, including the money you have set aside for rent, car payments and daily living expenses. Now you are out of the money and in debt to new creditors.

    Filing for bankruptcy in Ontario, with the help of experts like McLay & Company Inc Trustee In Bankruptcy, will stop all of these collection activities.

  • You May Be Tempted to Use Your Savings

    If you have $30,000 in debt and $10,000 in savings, you may be tempted to use that pay off some of your debt.

    The problem, however, is that you will still have a significant amount left to pay and no savings. This will only make the situation worse.

    If you are going to have these debts discharged in bankruptcy anyway, keep your savings and use them for rebuilding your credit.

  • Debt is Stressful

    Some people let debt pile up until it wreaks havoc on every facet of their lives. They may experience problems at work, marital strife and depression. Don’t let debt do this to you.

    If it starts affecting you in your personal and professional life, it is time to let go and file for bankruptcy.

When it comes to deciding how bad things should be before you file bankruptcy, there is no easy answer. Don’t wait until things get out of control. Take charge of your finances today.

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  1. 2 Responses to “Don’t Let Debt Spiral Out of Control”

  2. By Elissa @ 20s Finances on Sep 5, 2014, 9:28 am | Reply

    It’s hard to manage debt, but it’s important, too. I know someone who used their savings and then their debt just ended up getting bigger, and they had no way to pay it off. Good advice here.

  3. By Prince on Sep 8, 2014, 8:01 am | Reply

    I guess the only way to deal with debt is by increasing your income sources. Try to work overtime and use that money to pay off your debt. The hard thing is that you cannot run from debt and if you run, then the things will be worse. It is better to face the music and deal with it.

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