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How can you tell if your Financial Problems in Alberta are Serious?   arrow

How can you tell if Your Financial Problems in Alberta are serious?

Each year in Alberta, approximately 10,000 to 12,000 people find themselves in Financial Difficulty and need to file bankruptcy or file a proposal, and there are experienced professionals in Alberta who can help you tell if your Financial Problems are serious. Many Albertans from all walks of life will experience or find themselves in financial trouble at some time in their life, and in need of financial help.

There are many reasons people find themselves in financial trouble, ranging from job loss, poor money management, divorce, injury at work, unpaid income taxes, etc. Everyone has a different set of circumstances and everyone has a slightly different reason. There are very common warning signs, however, which are good indicators of serious financial problems and a need to do something about it by contacting an Alberta Bankruptcy Trustee who can help.

Common Financial Warning Signs

Think of your financial situation over the last six months or more, and consider the warning signs you may have been experiencing. Some of the most common warning signs include:

  • You have been under financial stress for some time, you are making no headway with your bills, and your finances are only getting worse;
  • You are losing sleep or constantly worrying about money and your debts. Your financial problems are the first thing you think about when you wake up and the last thing before you fall asleep;
  • You are missing payments and your creditors are threatening legal action or wage garnishees and you have little or no money to pay them;
  • You are using one credit card to pay off another, or you are living on your bank overdraft and find it impossible to go without it;
  • You avoid opening your mail because it only contains bad news and/or overdue notices;
  • You screen your phone calls or don’t answer your phone because collection agencies or bill collectors are calling;
  • Your financial problems are getting worse, and you are borrowing from cash stores or family and friends just to get by;
  • You are at or near the limits on your credit cards each month, and you can only afford to make your minimum payments, if at all;
  • Your stress is building, your nerves are shot, your health and/or relationships are suffering, and you feel like you exist but don’t have a life anymore.

If one or more of these apply to you, you are likely in financial difficulty or heading for financial trouble and problems which are serious enough that you need professional financial help to resolve them.

The first step toward financial recovery is recognizing the severity of the problem, considering the options available and if necessary, seeking financial help. An Alberta Bankruptcy Trustee can review your financial situation and help you tell if your financial problems in Alberta are serious, and whether they may warrant a bankruptcy, a proposal to your creditors, or another legal remedy which can provide you with the financial help and relief you need.