How Do I Know If I Need To Go Bankrupt in Cambridge?
Each week I meet with a number of people in our Cambridge who ask me the same question: "I have a lot of debt; collection agents are calling; do I need to go bankrupt?"The answer depends on your individual circumstances, so for the answer for you, I suggest you give us a call, or send us an e-mail, so we can meet to review your situation. However, in general, there are a number of factors to consider when deciding whether or not you need to go bankrupt.
At Hoyes Michalos we consider personal bankruptcy to be the last option when dealing with financial problems. Before considering bankruptcy, we discuss other options, such as working it out yourself, debt consolidation, or credit counselling. If one of these options works for you, a bankruptcy may not be necessary.
If those options won't work, the next option we consider is a consumer proposal. In a consumer proposal we contact your creditors and work out a plan where you pay a set amount each month, and in exchange your debts are eliminated. This is a great option if you have a good income each month and can afford to make payments, but have more debt than you can service on your own.
If you don't have enough income to file a consumer proposal, bankruptcy may be an option. Bankruptcy also is an obvious solution if your wages are being garnisheed by your creditors, since a bankruptcy will stop most garnishments.
Bankruptcy may be an option, so feel free to give us a call in Cambridge at 519-622-3773, or call us at 310-PLAN, or send us an e-mail a question, and we will set up a time to meet to review your options.
posted by J. Douglas Hoyes, CA, Trustee @ 12:14 PM
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