Creative Solutions to Financial Difficulties: Saskatoon Saskatchewan Personal Bankruptcy Blog

Posted on Thursday, November 16, 2006

In the current economic climate, many individuals find themselves deep in debt and struggling to meet the monthly payments. In a desperate effort to avoid bankruptcy, they may find themselves consolidating some of their debt by way of high interest second mortgages, only to find that they still cannot make ends meet. They charge up their credit cards once again and end up in a worse financial position a year or two later. In today's world, it is not uncommon for an individual to owe anywhere from $50,000 to $150,000 in unsecured debt (lines of credit, credit cards, etc.).

Bankruptcy is not the only answer
Many individuals who fear they may have to file bankruptcy are surprised and relieved to learn that there are other options. At Deloitte, we strive to find the best option available for people to deal with their debts. Proposals have proven to be a viable option for many people.

Proposals can be designed in many ways, dependent on the individual circumstances - assets, liabilities and cash flow. The distribution to unsecured creditors can vary from 10 cents to 100 cents on the dollar. The debtor may retain assets or propose to relinquish assets as part of the proposal. There may be one lump sum payment or monthly payments over a period of time, generally 30 - 60 months.

The options are endless; it just takes experience, creativity and resourcefulness to find the right solution.

Call Deloitte at (306) 343-DEBT (3328) or 1-800-683-DEBT (3328) to find out more about the solutions to your debt.

Creative Solutions to Financial Difficulties

Posted on Thursday, November 16, 2006

0 Comments: