Who will know about your bankruptcy?

Friday, September 15, 2017 - 22:16

Bankruptcy


Many people are concerned about who will know about the financial trouble that they are experiencing. Some people are embarrassed, while others simply aren’t comfortable sharing such information because, let’s face it, it’s really no one’s business but your own.

Bankruptcy is nothing to be ashamed of. It means you are taking control of your situation and looking to the future. It takes a HUGE load off your back and allows you to breathe again. Although we understand that, and people who have experienced bankruptcy understand that, other might not necessarily look at it the same way.

If you are afraid that your friends will find out, don’t be. The people we let know are your creditors, the government (for record keeping purposes),and your account receivables (people or businesses that owe you money). If you are being garnisheed, we will have to let the Court know to stop the garnishee, as well as your employer or bank (whomever has been served with the garnishee summons).

If you are concerned about who will find out about your bankruptcy or consumer proposal with Welker & Associates, ask yourself this, “Do I know anyone that has filed a bankruptcy or a proposal?” Almost 10,000 people a month file for protection under the Bankruptcy & Insolvency Act, we are certain you know at least one person that has – they just didn’t talk about it. As you can see, no one will know about your bankruptcy unless you tell them. Your bankruptcy is your business and it’s up to you whether your friends and family know about it.