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.