Filing for personal bankruptcy still carries a powerful stigma in Ontario. When people hear the word “bankruptcy” images of irresponsible, lazy consumers are usually conjured up.
The truth is that there are plenty of people who find themselves in desperate financial situations despite having initially had every intention of paying their creditors. Marital breakdown, reduced income, illness, failed business and the loss of a job can all propel even the most well-meaning consumer into a downward debt spiral.
It may surprise you to know that the majority of people that file for bankruptcy proceedings are:
Employed
Educated
Earning good incomes
Own assets
A close friend or family member could have filed personal bankruptcy and you may never know. People don’t tend to share their bankruptcy fears as it can sometimes carry with it a sense of shame and failure. That fear allows some persistent misunderstandings and falsehoods about the process to linger. Filing personal bankruptcy is the first step to a fresh financial start. Taking that step is nothing to be ashamed of. If you’re told that the best solution to your financial situation is a bankruptcy filing, don’t despair.
The sooner you realize you have a debt problem, the sooner we can help.
