Debt can turn you from owning everything, to owing everyone, including your loved ones.
One of our client put all his effort in his building company. Let’s name him Steve here.
Steve is facing: creditors, bankruptcy, divorce, and miserable retirement life.
Steve is a 57-year-old hardworking fella whose building company has gone downhill. He is deeply in debt and he had no assets whatsoever. He and his wife were in despair as to their future and their relationship was in trouble because of the extent of their burden as well. He’s also approaching to retiring age, but how can plan for retirement life or even stop working?
Despite all these challenges, instead of going bankrupted which seemed to be the easiest way to go: Get out of the game, let the trustee deal with them, Steve still insisted to pay off the creditor.
When he came to our office in such miserable situation, our advisor simply follow the 4 steps we have mentioned previously on How Can I Make A Clean Break With Debt?.
With the concerns Steve has shared with our advisor, we had a discussion on what Steve really wanted to achieve within a certain period of time.
OUR ANALYSIS & RESULT
In Steve’s case, he was still in good health and had no concerns about continuing to work. According to our experience and knowledge, Steve would have no problem to recover over a 10-year period as long as he sticks to our plan. In the end, all creditors were paid, no one was bankrupted, retirement can be scheduled, their marriage has overcome the challenge and became stronger together. Their daughter has been in touch with us and hoping to plan something out in the future together.
TIPS FROM OUR ADVISORS
This is not about how fancy the plan is, not about how much money you’ve got to invest, it’s about whether the advisor has the ability to maximise the best of what you have got at that moment in time, and objectively analyse what you need and what you can do.
After all, we don’t put money in your account and let you pay off your debt, we guide you and instruct you to clear your debt; We don’t retire for you, we help you plan your retirement life.
Talk to our advisors, find out what is the most suitable strategy for you to reach out to more possibilities.
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