Have you reached a point in time where you’re concerned that you may have to declare personal bankruptcy?  It can be scary to contemplate using Etobicoke personal bankruptcy services. Still, the good thing about using a professional is that you won’t have to go through the bankruptcy process alone.

Depending on your circumstances, you may not have to declare personal bankruptcy. We’ve got some great tips to help you get your finances in order, and try to avoid declaring personal bankruptcy:

1. Make paying off your bills a priority
2. Track your spending
3. Live within your means
4. Ask your service providers for an updated plan
5. Sell things you don’t need
6. Consolidate your debts
7. Look for other ways to boost your income or decrease your spending

At Charles Advisory Services, we offer Etobicoke personal bankruptcy services and can provide you with advice on your debt management needs.

1. Make your bills a priority

When you get paid, it can be tempting to go out and splurge! After all, you worked hard for your money.

The problem with this approach is that if you spend your money on anything you want, you may not have enough left over to pay your important bills — like your rent or your electricity bill. If this happens, you end up paying extra penalties on these bills, making it hard to catch up.

And the further behind you get on bills, the more likely you may end up needing Etobicoke personal bankruptcy services. So set yourself up for success by paying your bills off first!

2. Track your spending

Another way to avoid needing Etobicoke personal bankruptcy services is to track your spending. This may seem like an overwhelming task, but it doesn’t have to be that hard. There are lots of ways to keep track of your spending:

1. Get a notebook and write down every day what you spent.
2. Use a spreadsheet to track what you’re spending money on.
3. Use an app - there are lots to choose from!
4. Put everything on your credit or debit card so you have a record of your spending.

The last approach is a good way to track your expenses easily, but not if it’ll end up costing you fees either in an overdraft or because you can’t pay off your credit card bills! So use this approach to track your expenses with caution.

3. Live within your means

Another step you can take to avoid using Etobicoke personal bankruptcy services is to make sure you live within your means. It can be tempting just to spend money like there’s no tomorrow. But every dime you spend on things like drinks out with friends or new video games is money you could be using to put towards your debt.

This doesn’t mean you can’t ever have fun. It just means you need to budget for it!

4. Ask your service providers for an updated plan

An easy step you can take to help yourself save money and get back on track financially is to contact your service providers, such as your cell phone and internet and cable providers, to see if you can cut a deal.

Service providers are always running promotions and discounts, and they would far rather switch you to a new, less expensive plan than lose you as a customer.

You can also try this approach with a credit card company. They may be able to transfer your balance to a lower interest rate card or reduce the rate you’re paying on your current credit card.

5. Sell things you don’t need

This may be a little emotionally tougher than just finding ways to save and track your money. You may not want to sell your extra car, your ATV, or a collection you’ve put a lot of time and money into. 

But selling an expensive item can be a great way to help you dig your way out of debt and avoid needing Etobicoke personal bankruptcy services.

6. Consolidate your debts

A debt consolidation loan is a single large loan that you can use to pay off your creditors. There are two main advantages to getting a debt consolidation loan:

1. You only have one creditor to pay back instead of several
2. The interest rate on your debt consolidation loan should be lower than at least some of the interest rates on your previous debts (for example, credit card debt)

7. Look for other ways to increase your income or decrease your spending

Here are other ways to help avoid personal bankruptcy:

• Get a second job. Try a side gig like driving for Uber
• Move! You may be able to find a less expensive place to live
• Rent out a room or advertise your home on Airbnb

How can Charles Advisory Services help me with Etobicoke personal bankruptcy services?

At Charles Advisory Services, we offer various debt management and insolvency services, including Etobicoke personal bankruptcy services. 

We can help you with a variety of debt management options:

• Consumer bankruptcy, where all your debts are discharged
• Consumer proposals, where your monthly debt payments are modified
• Consumer debt consolidation, where you get a single large loan to pay off multiple creditors

When you come to us for Etobicoke personal bankruptcy services, you don’t have to feel like declaring bankruptcy is your only option! We can talk to you about whether a consumer proposal would work for you or if you’d be eligible for a debt consolidation loan.

We’ll take the time to thoroughly explain how each of the debt management options works, what your best option is, and what your next steps should be to get started towards a brighter financial future.

Contact Us About Etobicoke Personal Bankruptcy Services

If you have a lot of debt, you’re likely very concerned about your financial future. But you don’t have to face your fears alone! Whether you’d like to know more about our Etobicoke personal bankruptcy services or another debt management service we offer, we’re here to help. 

To learn more about avoiding personal bankruptcy, call Charles Advisory Services at 855-231-4925 or contact us online.