What are the Alternatives to Bankruptcy?

Bankruptcy in Kelowna is considered a last resort. Before you consider this option, you should exhaust all other options first. Since bankruptcy in Kelowna has a big impact on your credit record, only consider it when there are no more options.

So, what are the alternatives to bankruptcy, and which one is right for you?

Debt Consolidation

One of the options you should consider is debt consolidation. In debt consolidation, all your debts from different lenders will be bought by just one bank so you only have to pay that one bank for your dues. This can be ideal for people with loans from multiple banks. 

One of the advantages of this is that it makes it easier to keep track of all your loans. You can pay them to one company only, thereby reducing the stress of monitoring your debts.

Consumer Proposal

A consumer proposal is also another option. It slashes down your loan so you are only obliged to pay a small portion of it and that can be divided into multiple payments. This will be more manageable.

As long as you can pay off a small percent of your loan, a consumer proposal is a good idea.

To get these options, make sure you hire a licensed insolvency trustee such as Mike Wright & Associates Inc who will oversee these methods. You can also get the help of a LIT when filing for bankruptcy. But go over your options first and decide which would be the most fitting for you right now.

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

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