Filing Bankruptcy? Here are the Things You Should Not Do

When you are up to your neck in debts, there seems to be no other way to get out of it than file for bankruptcy in Kelowna. But in your effort to get rid of your debts, make sure you don’t do the following mistakes:

  1. Rushing into it

Is bankruptcy in Kelowna really the best option for you? Right now, you might be looking for an expedient way to get out of your debt but bankruptcy might not be the best choice. You might be able to find more benefits in other modes such as consumer proposal or debt consolidation.


It’s best to consult a Licensed Insolvency Trustee such as Mike Wright & Associates first to find out what would be the best route for you.

  1. Waiting too long before you file for bankruptcy in Kelowna

If you are dealing with a lawsuit from a creditor, it’s best to act quickly. If they win the lawsuit, the creditor will have the right to get a portion of your wage and access your bank account. That’s something you don’t want to happen.

  1. Using your retirement fund to pay for your retirement

Don’t treat your retirement fund as your emergency fund. It’s only supposed to be used for your retirement. Once you dip in your retirement fund, there’s no turning back. It will be hard to rebuild it once again and get back not just the money but the time you lost.

Read more about the process of filing for bankruptcy and find out if it’s truly the best option for you.

To know more about Debt Consolidation in Kelowna please visit our website: debtfreebc.ca

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