What to Do If You Can’t Pay for Your Debts Anymore?

According to reports, the average adult has an accumulated debt of over $50,000. Many of us are saddled with car loan payments, mortgages, student loans, and credit card loans. It’s hard to make ends meet when these debts are hovering over you.

But what if you can’t pay for these debts anymore? What should you do?

  1. File for bankruptcy in Kelowna

One of the things you should consider doing is file for bankruptcy in Kelowna. If you are no longer capable of paying off your debt, this is the option. You need the help of a licensed insurgency trustee such as Mike Wright & Associates Inc to file for this. Your LIT can negotiate with the lenders. 

Once they approve you for bankruptcy, they will no longer pressure you into making a payment. You might also be able to protect your assets with the help of filing for bankruptcy. However, make sure you exhaust all other options first before choosing this one because bankruptcy can cause you to have a record for at least 5 years.

  1. Consider getting a consumer proposal

Another alternative is a consumer proposal. This will allow you to make a proposal to lending companies about how much you will be able to pay from your loan. Typically, lenders prefer this rather than bankruptcy because they can still get something from you.

  1. Try debt consolidation

If you want to pay off your debts little by little, try consolidating them first. Look for lenders that will be able to give lower rates.

Learn more about these options. Go to a Licensed Insolvency Trustee such as Mike Wright & Associates.

To know more about Consumer Proposal in Kelowna BC please visit our website: debtfreebc.ca

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