Things you should know about bankruptcy and involvency

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Sometimes it is extremely difficult to discuss and come to terms with financial situations, especially if you are in significant debt. However, in Waterloo, there are some very good insolvency consultation firms. They can help you face the reality of your particular situation and offer counselling and explanations about bankruptcy and insolvency measures that the Canadian government approves.

Here are a few things you should know about bankruptcy and insolvency.

First, bankruptcy is a legal situation. 

It has nothing to do with whether you are a good or bad person. Struggling with ongoing debt is difficult personally, and it can affect your relationships and employment situation.  

Bankruptcies can forgive or discharge debts without the loss of all of your assets.  

Exemptions include personal property like RRSPs, pensions, and usually a vehicle or home equity. Whether these items will be lost or retained can be determined by several factors, so discuss the circumstances with your licensed insolvency trustee in Waterloo.

Bankruptcy is a legitimate and legal method to give yourself a fresh start financially.  

The process can last about a year or two, depending on the dependents you support and your income. If you have filed for bankruptcy in the past, this period will be extended to two or three years.  

You can apply for additional credit.

It will take a while, but eventually, you will be able to apply for additional credit at reasonable rates with a clean credit record. Financial counselling will be provided so that you can develop and maintain good credit habits for the future to avoid the untenable situation you find yourself in at the moment.

Your creditors probably have experience.

Your creditors have probably dealt with bankruptcies in the past with other individuals, so they will be able to deal with your decision professionally. They understand that it is not a question of morality but one of reasoned ability to provide for yourself and others for the long term.

You can ask for help.

Just like with medical issues, we turn to a professional for guidance and opinion. Dealing with bankruptcy and insolvency is a matter for a licensed insolvency trustee in Waterloo. Arrange for an appointment to discuss your circumstances so that you can make the best decision possible. If you see no possibility that your financial situation will improve, you need to look into a consumer proposal and bankruptcy options.

Dana MacRae Licensed Insolvency Trustee has been helping people manage their debt since 2000. With 10 offices across Southwestern Ontario, it’s easy to schedule an appointment. Just go to www.danatrustee.ca and book your appointment online. We offer video conferencing, or book a home consultation and have the trustee come to you (when allowed by COVID-19 protocols). Contact us today at 1.800.665.9965 or info@danatrustee.ca to learn more about our services and find the financial solution that’s right for you.