Bankruptcy Today Makes For a Better Financial Future

Sunday, September 16, 2018 - 01:44

Bankruptcy


Some people believe that filing for bankruptcy is synonymous with the end of the world as they know it – a complete breakdown of their personal finances.

But in reality, bankruptcy is a lot less dramatic than that.

Although it may feel like a significant setback, bankruptcy can actually improve your situation, solve your unsecured debt problems, and allow you to start on the journey toward financial wellness.

Some of the advantages of filing bankruptcy are:

  1. Improve your situation
    The bankruptcy process in Canada offers benefits that other debt solutions do not. The most significant benefit is the protection from your creditors. The moment you file for bankruptcy, an “automatic stay of proceedings” takes effect. This means your unsecured creditors are stopped from enforcing the collection of their debt against you. Bankruptcy puts an end to the collection calls, letters, garnishments, legal actions, and frozen bank accounts, giving you time to get your financial affairs in order.
  2. Solve your unsecured debt problems
    Unlike other types of debt solutions, in a bankruptcy, you do not need your creditors’ approval to proceed, nor will your creditors be able to “opt out” of the bankruptcy. Once you file, your unsecured creditors are bound to have their debts addressed in your proceeding.
  3. Allows you to start on the journey toward financial wellness
    It typically takes nine months to complete the bankruptcy process. Once you do, you will have eliminated all your unsecured debt. You will finally be able to start a clean slate and build the healthier financial future you deserve.

How do I get help with filing for bankruptcy?
Your first step is to reach out to a Licensed Insolvency Trustee. Licensed Insolvency Trustees are the only federally-regulated, licensed professionals authorized by the Canadian government to help you file for bankruptcy.

They also offer the full range of debt relief solutions. At your free initial consultation, we’ll review your financial circumstances and explain each debt relief option available to you. The sooner you get help, the more debt relief options you may have to choose from.

Can I get low-income bankruptcy help?
Bankruptcy fees are regulated by the government and are based on your income and ability to pay. You will never have to pay fees for your Licensed Insolvency Trustee’s services up front. They are rolled into your monthly bankruptcy payments. You can discuss these fees with your trustee at your free initial consultation.

To set up an appointment with one of our Licensed Insolvency Trustees today, call 1-800-332-8093 today.