Why You Shouldn’t File for Calgary Alberta Bankruptcy Just Yet

Posted by: Shawn Stack on 12/19/2011

 

Calgary Alberta bankruptcy is fast becoming a popular option for residents who can’t seem to manage their money and put a dent into what they owe. Although this can be practical choice for many debtors, filing bankruptcy in Canada can make a huge impact on your financial health and your family’s future. There are other things that you can do to stabilize your finances; options that should be considered before you file for Calgary Alberta bankruptcy.

 

On the Budget Front

 

You may be able to shave off a considerable amount of money from your expenditures by taking a closer look at your budget. Saving several dollars a day can translate to hundreds per month, especially if you find out what you should spend less on and follow your new budget diligently. You can start revamping your budget and save a lot of cash by taking note of your monthly budget and scrimping on or crossing out a few items. Better yet, make a daily tab of what you spend on to identify even more items you can save on.

 

Visiting the grocery store and ATM machine infrequently can generate “free cash” because of lower bank charges and fuel costs, respectively. Dining out less and eating at home more often can result in the same financial benefits. Do you really need to buy your morning coffee and pastry? Bringing a home-brewed cup to work can save you hundreds monthly, while downgrading your cable TV or mobile phone subscription can save you much more money – better that than go for Calgary Alberta bankruptcy.

 

What’s it Worth?

 

Selling off jewelry, a nice TV, or that huge home theater system can tide you over until that next paycheck or payment deadline. You can also put your motorcycle, extra car, or unused RV up for sale if you need a bigger influx of cash. If you’re in deeper debt, think about putting your second home, vacation home, or any similar real estate you own back on the market. These are some options that have helped save many debtors from filing for Calgary Alberta bankruptcy.

 

Time for a (Loan) Change

 

Contrary to what many debtors do, going to your creditors should be one of the things you should consider when you’re in a lot of debt. Running away from them won’t do you good, especially in the long run. You may be able to get your loan modified, which could mean a longer payment duration or lower monthly payments if you let your creditors know about your financial situation and your willingness to pay what you owe.

 

Aside from these options, you can also go to the government for help. You may no longer have to file for bankruptcy to obtain respite from your monetary woes if you can take advantage of the Orderly Payment of Debt program or the Consumer Proposal.   An Orderly Payment of Debts is only available to residents of certain provinces and debt limit thresholds apply for both.  A trustee can help you determine if you qualify. 

 

A bankruptcy filing can have substantial effects on your financial health and future. Before deciding to file for Calgary Alberta bankruptcy, do your research or speak with a financial professional for other options.