It is a fact that we all hate to face up to but must: at some point in our lives, it is likely that the chips are going to go against us financially and in life, and we are likely to find ourselves in trouble. Though there are many steps on the road to insolvency before you reach there, for an unlucky few there is one final ending to it all: bankruptcy.
In recent years the world has seen a slew of people and corporations declaring themselves bankrupt. Countries, state economies and recently a whole Europe currency have come dangerously close to the brink as they try and manage too much money without enough solvency. Money problems blight us all as humans. Everyone knows it. But knowing what steps to take when it seems that there is no other choice is all important in ensuring that people come out the other side with a modicum of respect and a way to try and rebuild their lives.
The first thing to note is that such an action is not a decision to be made lightly. Declaring oneself bankrupt is a potentially life changing momentous decision, and will have serious repercussions on future lines of credit and companies and people to whom monies are owed. However, there are times when there is little other choice.
Debt settlement can often be reached amicably before the point of no return, but there are some rare cases when it simply is not feasible to do anything other than try and wipe the slate clean with an official court and declare oneself bankrupt.
Making such a drastic move has long term implications on an individual’s ability to own a business, credit card or to borrow money. Mortgages and other long term loans are often closed off to those who have been declared bankrupt. However, as all too many people are all too aware, sometimes it is a necessary evil.
If after all that consideration a person still feels there is no other possible choice at all, then it is of the utmost importance to ensure that such proceedings go ahead with a minimum of fuss or damage to the individual or anyone to whom they owe money.
One of the first steps in doing so is to find a bankruptcy trustee. These people are skilled, paid professionals who are able to pick their way through the complexities of the court to enable as simple a progression from being in debt to being debt free as is legally possible. They can be found in all corners of the world plying their trade, but it is best to ensure that the person hired is reputable given the money at stake.
Debt Settlement is an ugly process, and it should be avoided at all costs. Any and all steps that can be taken to avoid reaching the end game of a financially unsure situation should be taken. However, there are times and circumstances where there are no other paths to take than to declare bankruptcy and to try and start again, ensuring that the same mistakes are not made next time.
With over 30 years of experience Bankruptcy trustee Mississauga experts have been helping Canadians just like you.