Evaluate your situation
Sometimes, individuals find themselves in situations where it seems that they are no longer in control of their finances. The following questions and answers can help if you find yourself in this situation.
A “crisis” is a turning point, a situation that demands significant, sometimes life-changing, decisions in order to take control of the situation and reach an appropriate solution. If you find yourself in a financial “squeeze,” where you are juggling bills, not meeting minimum monthly payments, borrowing to pay debts and/or feeling pressure from creditors, chances are you have a financial crisis.
A number of common, often unforeseeable, circumstances can occasionally create a situation in which it is impossible to remain current with all your debts, including:
- employment disruption
- loss of second income
- health problems
- substance abuse
- marital problems
- family tragedy
- misuse of credit
- lack of budgeting
An evaluation of your financial situation may reveal that one or more of the following options are open to you:
- dealing with the underlying cause
- improving budgeting
- reducing living expenses
- increasing income
- negotiating with creditors
- support through employee assistance groups
- debt pooling and/or consolidation
- making a Consumer Proposal to creditors
Each financial crisis is unique. As a Licensed Insolvency Trustee, we can help by assessing your situation and determining the most appropriate course of action.