We understand Bankruptcy can sound scary, but for some people it’s a logical step. When you work with DRC, Bankruptcy is usually considered a last alternative. Personal bankruptcy is a legal process, governed by federal law (the Bankruptcy & Insolvency Act). A Bankruptcy falls under the category of a Government Debt Program as it is governed by federal law.
Advantages of Personal Bankruptcy
- It protects you from legal action (phone calls, collection action and garnishees)
- It eliminates unsecured debts
- It is relatively quick and can be less expensive than most other options
Disadvantages of Personal Bankruptcy
- Will negatively affects your credit for 7 years after discharge
- You may be required to surrender some of your personal possessions
- You are required to keep detailed income and expenditure records
- The cost and number of months in bankruptcy may increase, depending on changes in your personal situation during your bankruptcy
- If you have filed for Bankruptcy protection before, filing a second Bankruptcy could be a very lengthy and costly process
Are you ready to be debt free?
Debt Relief Canada provides individuals across Canada with solutions to reduce and eliminate debt.
Contact us for a free, no obligation consultation.
Toll Free: 1.855.305.9940
Individuals face a variety of circumstances that can lead to a financially challenging point in their life. And because of these unique scenarios we at Debt Relief Canada take the time to understand your specific situation in order to provide you with the most relevant information to become debt free. Bankruptcies are not for everyone. However, in some situations it is a useful and valuable step to take in order to move forward and begin to live debt free. We typically explain how a bankruptcy works in any scenario, in order to provide our clients with the pertinent information they need to make an informed financial decision regarding the most appropriate way to deal with their debt.
Whether you want to avoid a bankruptcy at all costs or believe it will be the best solution for you, we will take the time to review this option and it’s repercussions for you. There can be many common misunderstandings when it comes to the cost and impact of a bankruptcy. Making an informed decision when it comes to resolving your debt allows you to feel more confident and comfortable with your choice. We encourage our clients to ask questions and take the time consider all options before taking the next step to becoming debt free.
If you have previously filed a bankruptcy and would like to understand how moving into a second bankruptcy would impact you, please reach out at 1.855.305.9940 and we will provide you with additional clarity on how this program would work for you.
Although a bankruptcy can only be administered by a Licensed Insolvency Trustee, Debt Relief Canada will provide you with the perspective on the impact of a bankruptcy on you. We will also provide you with information regarding potential for alternate solutions that will permit you become debt free without resorting to a bankruptcy. Take the first step by booking your consultation with Debt Relief Canada today.