Early-warning signs of insolvency

Early-Warning Signs of Insolvency

Insolvency is a common problem


Each year, many consumers reach a level of debts that pushes them towards insolvency. Their quality of life diminishes, as does their purchasing power. To improve the situation and get out of excessive debt, the first step is to recognize there is a problem. Ignoring the situation is not conducive to end insolvency. In fact, doing so makes solutions harder to find and can worsen the situation.

Insolvency is a common problem

What are the signs of insolvency?


Even if life is hectic, it is important to take the time to analyze your financial situation and avoid insolvency problems. The following 13 issues are early-warning signs of financial troubles, which will allow you to take an objective look at your situation. If you have an insolvency problem, we want you to know that our professionals can help you return to financial health.

Insolvency is a common problem

You may have an insolvency problem if you are facing the following difficulties :


Are late in making payments.

Often receive calls from collection agencies.

Only pay the required minimum on your credit cards.

Have had a bailiff visit you.

Use your credit cards to pay off other debts.

Avoid following a budget because you always have shortfalls.

Use credit to meet your essential needs (rent, food, medication).

Do not know how to create and follow a balanced budget.

Are worried about your debt.

Have to deal with your salary being garnished.

Want to get out of insolvency.

Have little or no savings.

Are being harassed by your creditors.

What is an insolvency problem?


Being insolvent means you find it hard to meet your financial obligations and reimburse the debts you have incurred. It also means you don’t have enough money to meet your primary needs such as housing and food. But there are different levels of insolvency. For more detailed information, please consult a professional so that your insolvency level can be evaluated.

What is an insolvency problem

Do you think you are insolvent?


If you have identified one or more of the early-warning signs, it is advisable idea to meet with a Ginsberg Gingras professional. He or she will explain the ways you can get rid of your debt problem. Our professionals take the time to answer your questions and suggest customized solutions as needed. These meetings are always private and the first consultation is free and without any obligation on your part.

Do you think you are insolvent

How can a licensed insolvency trustee help you avoid bankruptcy?


Ginsberg Gingras licensed insolvency trustees (LIT) are experts in all aspects of bankruptcy. They also know about solutions that allow you to avoid declaring bankruptcy. Thanks to their advice, many people have been able to solve their debt problems using other means.

To avoid bankruptcy, it is advisable to meet one of our trustees as soon as the first signs of financial difficulty arise. More solutions to your insolvency problem will be available—and they will be less restrictive. As many people have discovered, you can regain your financial health and no longer be insolvent.

How can a licensed insolvency trustee help you avoid bankruptcy
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