Filing Bankruptcy in Penticton
We are a fully Licensed Insolvency Trustees with a local office in Penticton and several other locations throughout the Province of British Columbia.
If you are considering filing bankruptcy or are in current financial difficulty and you live in Penticton or surrounding areas, learn more about our services below.
What We Are Noticing in Penticton:
Seniors facing financial challenges in Penticton.
In an ideal world, people approaching their retirement would be fully debt free with plenty of savings to take them into their gold years. However, this is frequently not the case. Older adults approaching requirements often carry some form of debt, including mortgage payments, credit cards, and vehicle loans.
When you enter retirement, your income nearly always takes a sharp and sudden decrease. If you are still carrying debt, and don’t adjust your lifestyle accordingly, you could actually see your debt increase to a point where it is unsustainable. Many retired people continue to use credit to sustain their lifestyles or deal with new or continuing medical issues when they no longer have coverage from their former employers. Ultimately, curbing expenses and adjusting lifestyles to adjust to a lower, fixed income situation is imperative, but even that is often insufficient to deal with the ongoing and increasing household debt situation.