Going bankrupt can seem like a severe measure, and it is. Therefore, you shouldn’t rush into the decision, but you also shouldn’t wait too long. Most people don’t know when it’s the right time to file for bankruptcy in Moncton NB and when they should wait or try other debt consolidation solutions, so it can help you make the right decision to learn more.
When You Should File
If you’re thinking about filing for bankruptcy in Moncton NB, you’re not alone. However, don’t rush into the decision to file and understand when it may be time to throw in the towel and get a fresh start. For example, if you have a lot of credit card debt and medical bills, totaling more than $10,000, it may be time to consider a change.
Likewise, may be best to go bankrupt than consistently not being able to pay the minimal amounts due on credit accounts and other bills. While you’ll still have to pay your bills, you’ll have more money not tied up in credit card and other unsecured debt.
Another good time to file is when you know you’re not going to make more money anytime soon and you want to prevent foreclosure on your home or repossession of your vehicle.
It may also be best to file when your employer notifies you that you’ll soon have a wage garnishment or you’ve been served with a lawsuit.
When You Shouldn’t
Just as there are many legitimate reasons to file for bankruptcy in Moncton NB, there are times when it won’t help or isn’t needed. For example, if you have no property or income that creditors can collect, you probably don’t need to consider this option. Likewise, if you can work out a budget that allows you to pay for necessary items and pay off a little debt at a time, it may be best to choose this route. Visit Powell Associates Ltd.
