Personal Budgeting – How a Canada Bankruptcy Trustee Can Help

Posted by: Shawn Stack on 02/22/2011

Many Canadians in financial trouble will only consider bankruptcy as a last resort.  In their minds then, there is no point in visiting a Canada bankruptcy trustee until they have exhausted every other option.

You need to know we handle more than bankruptcies and we are experts in personal budgeting techniques and credit counseling.  We think of ourselves as professional debt consultants, not just managers of the Canada bankruptcy filing process.  How can we help?

For one thing, our experience comes not just from academic training and licensing qualification courses.  The best help we can offer you comes from the “school of hard knocks.”  We deal with bankruptcy filers every day and we have literally seen and heard it all. 

The Internet is a good place to go for basic information, but we find it puzzling when we come across site after site that advises those in trouble to check their personal budgets for cost cutting opportunities.  We know one of the main problems that lead to a Canada bankruptcy is the lack of any budget at all.

We can help you get started with a personal budget.  One of the first things our clients do is complete a bankruptcy application form.  We need this to demonstrate to creditors and the courts that someone who is about to file is truly insolvent.  A major portion of the form involves itemizing sources of income and a detailed listing of expenses.

The form also asks you to list your assets and their estimated value.  Over the years, we have found many Canadians fail to realize they can generate a decent amount of much needed income simply by selling off assets they don’t really need.  Whether it is that extra surround system gathering dust in the basement, the DVD boxed sets we viewed once and then put away, or that prized ATV we use once a year, selling some of the toys we can live without can help keep us safe from a Canada bankruptcy. 

Call any Canada bankruptcy trustee and get a copy of the form. Feel free to stop by and see us and we’ll make sure you understand how to complete the form.  Take it home, fill it out, and then schedule a free initial consultation.  We will be happy to review your income and expense situation line by line and offer our experience to help you work out a personal budget that might help you avoid a Canada bankruptcy.