This blog is going to be about getting rid of debt. Prior to my career in the fencing industry for One Stop Fencing
I worked as a licensed debt professional in Canada. I learned every way there was to help people and companies with their debt. I saw hundreds of small businesses and contractors get in trouble with money, and I was able to guide them through tough times.
So if you are struggling with debt here are a few key tips you can utilize to help you get things under control.
#1 - Determine if you are insolvent
Insolvency is defined as having more debt than assets. So if you sell everything you owe will you still owe debt? If the answer is yes than you are in a powerful negotiating position with your creditors.
#2 Determine if you have unsecured or secured debt
Secured debt is stuff you have given collateral against. So a car loan or your mortgage. This debt is not included in the scenario above. If you do not pay this debt than your creditor will repo the asset and you will be stuck.