You make your minimum monthly payments on your credit cards, but the balance outstanding continues to increase.  With an annual interest rate of 24-29% on a credit card, interest on high balances accumulates quickly.  Your credit rating is good because you are making the required monthly payments, but it is easy to see you are not going to get ahead of your debt without seeking professional help.

Contact a Licensed Insolvency Trustee in St. Catharines to obtain accurate information about filing a personal bankruptcy.   The initial assessment to review your financial situation (assets, liabilities, income and expenses) is free of charge.  The Licensed Insolvency Trustee will review possible solutions to your debt burden (debt consolidation loan, credit counselling, personal bankruptcy, or consumer proposal) explaining how each solution works in your personal situation.  The Licensed Insolvency Trustee will also review the pros and cons of a bankruptcy filing, duties you must fulfill and the impact on your credit rating.

If you decide to file bankruptcy, you will stop making payments to your unsecured creditors.  On filing the bankruptcy documents, your creditors will be stayed from pursuing you for collection.  You will be required to attend two counselling sessions on budgeting, money management and rebuilding your credit.

You can contact us at Fresh Start Now in St. Catharines at 905-680-4728, email, or by submitting a form here on our website that prompts us to reach out to you.  We are ready to talk when you are.

By Kathy Lenart – Insolvency Partner, Licensed Insolvency Trustee
CPA, CA, CIRP
Member and Secretary of the Ontario Association of Insolvency and Restructuring Professionals (OAIRP)
Canadian Association of Insolvency and Restructuring Professionals (CAIRP)