Warnings Signs of Financial Difficulty

Chances are if you’re reading this you already know that on some level your debt has become unmanageable.  Some of the more common warning signs that you are in financial danger are:

• Making only the minimum payment due each month.
• Using one credit card to pay for another
• Using cards for basic necessities
• Using credit cards to get cash advances.
• Always being in overdraft
• Unaware of how much you owe
• You are late making your payments
• Maxed out or over your limit
• Creditors are calling you for payment or threatening to sue.
• Your wages are being garnished.
• You are falling behind on basic necessities like rent and utilities
• Getting advances on your pay cheques
• Inability to save
• Your finances are affecting your marriage and health.

Many people can identify with these symptoms but are reluctant to seek help because they are embarrassed or they’re hoping things will turn around.  Sometimes just a change to how your debt is structured is enough to get your finances in order.  At other times you may need a fresh start so you can focus your resources and energy elsewhere.

If you’re wondering what you can do, my best advice is to not compound the problem by ignoring it or seeking advice from someone who is not a professional.   A consumer proposal or assignment in bankruptcy can be filed only by a licensed Trustee in Bankruptcy, so it’s important to exercise good judgement when choosing someone to talk to about remedies to financial problems.  Jim or I would be happy to help you by offering a free consultation to discuss your options.

By:  Brenda D.  Owens, Trustee in Bankruptcy


Brenda works for James R. Yanch, Trustee in Bankruptcy
215 Simcoe St. N.
Oshawa, Ontario
L1G 4T1
905-721-7506
www.jamesryanch.com