Informal Proposal
Contact Creditors and Develop a Debt Repayment Plan

If after balancing your monthly budget you still are having difficulty meeting all of your debt obligations, it may be worthwhile to contact your creditors to let them know that you need to develop a repayment plan.

Tell your creditors that you intend to pay back your debts, but you need a bit of wiggle room.Talk to each of your creditors and see if you can reduce the amount of interest or negotiate to pay a bit each week throughout the month (without penalty or additional interest) rather than one lump sum each month.Also, in some situations, creditors may accept a reduced amount if a lump sum is paid.

Bankruptcy is not always necessary when you have poor financial health and large debt loads. Ask your creditors if you can they would work with you to create a Repayment plan if you cannot pay meet your debt payments. If your budget does not allow for repayment of your debts, or payment of your regular monthly bills then you need to talk to a bankruptcy trustee, a debt restructuring expert. Trustee Colleen Craig will look at all of your options and help you through these tough financial times! Contact us today and learn how you can avoid bankruptcy!