Why are credit counselling sessions mandatory after a bankruptcy?

Sunday, March 22, 2015 - 16:17

Bankruptcy, Credit Counselling


After filing bankruptcy, you are expected to attend two mandatory credit counselling sessions, required under the Bankruptcy Insolvency Act, to aid in your financial rebuilding process.

Credit counseling is there for good reason. Multiple bankruptcy filings are not uncommon in Canada — in fact, they're becoming more and more frequent. While it's impossible to educate a person on the intricacies of proper financial planning in two short sessions, credit counselling provides you with a starting point. You will learn how to budget, set financial goals, and make sure your debt doesn’t get out of hand. The idea behind credit counseling is to get to the root of your financial problems to prevent you from getting into trouble with debt again.

If you're struggling with debt, contact us today for a free initial consultation. We're here to help.

 

Latest Posts

Tax Season For the Self-Employed

This year the deadlines for filing your 2017 tax return are as follows: April 30, 2018 for personal returns and June 15, 2018 for self-employed persons. Keep in mind, however, that any tax owing must still be paid by April 30, 2018.

February 15, 2018

Business Concerns

Q and A: Tax Season

With income tax season in full swing, I thought it would be a good time to answer some common questions that I hear regarding government debt and tax returns.

February 10, 2018

Government Debt

Duties of a Bankrupt

Personal bankruptcy laws in Canada are governed by the Bankruptcy & Insolvency Act. Failure to complete your duties will delay your bankruptcy discharge so it is important you fully understand your requirements once you declare bankruptcy.

February 5, 2018

Bankruptcy