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Speak with a trustee in bankruptcy
The Office of the Superintendent of Bankruptcy (OSB) Canada is the government organization that is responsible for overseeing, managing, and supervising practically all matters pertaining to bankruptcy and bankruptcy law. The OSB also regulates and mediates certified bankruptcy professionals called "trustees in bankruptcy." If you are considering bankruptcy, you may want to speak with a trustee in bankruptcy who can advise and educate you not only on bankruptcy, but also on other debt management concerns.
Consider a debt management plan
Debt management plans have become quite popular in these times of economic recession. They offer some viable solutions to debt problems. If your debt isn't too bad yet and you still have a decent amount of stable income, then you should consider getting a debt management plan. Some of the debt management plans you can get include debt consolidation, refinancing, or debt settlement. Although none of these plans will erase all of your debt, they can help you get a better payment plan on your existing debt.
Make expense cuts and sell
Perhaps the best alternative to bankruptcy is to take control of your finances. Budget as well as you can, avoid any unnecessary expenses, do not make any impulse purchases, and only purchase the bare essentials. Aside from making some of these lifestyle changes, you may also want to sell any excess possessions you have, such as a second car, old furniture, or anything that can give you a financial boost to help pay off your debt.
It's time to take full responsibility for your financial management. In these harsh economic times, every penny counts.
