Debt solutions for self-employed individuals

When you’re self-employed, whether in be Calgary, Edmonton, or a smaller Alberta community, it can be hard to stay on top of your finances. You might not have a steady income stream, or you might be struggling with some unexpected expenses that are putting a strain on your budget. In these situations, it’s easy to get overwhelmed by the challenges ahead of you.

The first step to getting out from under your debt is recognizing that there are solutions out there for people like you—and then acting on them.

Self-employed individuals are amongst the most optimistic people in business, however sometimes the financial challenges become so overwhelming that solutions must be sought out in order to deal with the debt, relieve stress and move forward.

Depending on your individual circumstances, some of the options to explore are:

1. Budgeting

   If your financial crunch is temporary, reviewing your budget can be helpful in identifying any areas to reduce spending in order to bridge the time needed for your financial situation to improve.

2. Debt consolidation

   Consolidating all your debt into one loan with a lower interest rate. This can help reduce the amount of interest you pay over time and make it easier to manage your monthly payments.

3. Filing a Consumer Proposal

   Where there is a longer time frame to recover or it becomes apparent that there is a more permanent issue in repaying your debt, consider filing a proposal to settle the debts with your creditors.   A proposal allows you to settle your debts with your creditors at less than face value of the debt.

4. Bankruptcy

   If you’ve approached the prior steps and haven’t seen success, bankruptcy may be an option for you.

The stress of dealing with financial difficulties can be overwhelming.  Speaking with a Licensed Insolvency Trustee is a step in the right direction in resolving your debt issues, reducing your stress levels, and starting on the path to a financial fresh start.  At JW Weber & Associates we offer a free, non-judgmental consultation to review your circumstances and develop a plan to deal with your specific circumstances.  Call us today at 403-836-6690 or visit our website at correctthedebts.com.