How to Avoid Bankruptcy

Not only individual Canadians, but also those holding themselves out as advisors to consumers in financial distress, often fail to explore a comprehensive approach to addressing debt problems.Mark Silverthorn, former collection lawyer and collection industry insider

The purpose of this series of articles is to explore the various strategies that a Canadian can use to avoid bankruptcy. These strategies fall into five basic categories:

  1. Strategies for raising cash for use when resolving your outstanding debt
  2. Strategies for improving monthly cash flow
  3. Strategies for making yourself “creditor proof”
  4. Taking advantage of the expiry of a limitation period on certain debt
  5. Alternatives to bankruptcy

How Can This Advice Help Me Avoid Bankruptcy?

Some people reading this article might be able to successfully address their current debt situation by taking advantage of the strategies for raising cash as well as the strategies for improving your monthly cash flow position canvassed at the beginning of this article. Furthermore, some readers might be able to avoid bankruptcy because they are able to take advantage of the ten tactics described in this article for making oneself “creditor proof”. Others might be able to avoid paying a penny to an unsecured consumer creditor because of the expiry of a limitation period. Finally, you might be able to avoid bankruptcy by utilizing some of the strategies described in the final section in this article titled Alternatives to bankruptcy.