It is impossible to pin point one leading cause of bankruptcy in Coquitlam, British Columbia. However, judging by the responses we’ve received on this website, there are definitely a few scenarios that appear quite frequently.
Reduced income or job loss. Losing your job can have a substantial effect on your ability to pay your bills each month. If you have lost your job recently and want to improve your financial situation, the best thing you can do is to reduce your expenses as quickly as possible. Reducing your expenses and developing savings may help you avoid bankruptcy.
Divorce or Marriage Separation. This is one of the most common causes of bankruptcy. In fact, almost one third of all people who file for bankruptcy in Canada are either separated or divorced. Separation and divorce can be very stressful. Suddenly you find yourself in a single income situation, and you will no longer be sharing monthly costs. The increased expenses could eventually land you in bankruptcy.
Medical Problems. Medical problems are often a major cause of financial distress; however, Canadians are fortunate that they have most medical expenses paid for by the government. For the most part, medical problems only cause financial difficulty if a person is forced to leave work due to injury or illness. Even with medical insurance it may be difficult to take care of debt payments.
If you are being plagued by one of the above situations, and believe bankruptcy is the best option for you, please contact us immediately. Our licensed bankruptcy trustees in Coquitlam will review your personal situation to help you determine the best course of action.
If you're having financial difficulties and live in the Coquitlam area, call (604)-941-7739 today to meet with one of our experts, or complete the ask a question form to send us a message and we'll get in contact with you.
www.bankruptcy-coquitlam.com is a free resource for residents of Coquitlam British Columbia Canada
