Selling Some Assets

Although you are in debt, you may have certain assets that could be sold. Money resulting from these sales could be used to pay off some of your debts and thus prevent bankruptcy. Therefore, devote some time to evaluating your assets:

• Cars, motorcycles, properties, houses, bonds, shares, life insurance policies, pension plans.
• Regarding vehicles, you could refer to your car dealer or use guides such as Autohebdo to determine their approximate value.
• Regarding your life insurance policies and investments, talk to your broker to learn about the amounts available and the consequences of this process.
• Regarding pension plans (RRSPs), although this solution is not recommended, talk to your accountant or bank about the available amounts and the income tax deductions to be considered.
• Regarding your home, cottage, or property, talk to a real estate agent to learn about the estimated potential profit.