Step-by-Step Guide to Successfully File for Bankruptcy and Relieve Your Financial Burden
There are numerous reasons why individuals find themselves in a position where bankruptcy seems like the only option. Often, they are unable to pay their bills and are relying on their limited credit to cover their basic needs. They may have previously lost their job and depleted their savings, or hefty medical expenses might be a factor.
Regardless of the reason for filing for bankruptcy, the end goal always remains the same: to rid oneself of debt that cannot be paid off by any other means. Our step-by-step guide will help navigate the process of filing for bankruptcy in Canada, but before delving into that, let’s take a look at some of the crucial benefits of the bankruptcy process.
If you are considering filing for bankruptcy, you must know the advantages of doing so. It is crucial to understand what occurs after receiving a discharge. Successfully filing for bankruptcy equates to:
- • Most unsecured debt being eliminated, with exceptions such as child support, court fines, penalties, and student loans obtained within the last 7 years.
- • Halting interest accumulation and payments.
- • Termination of collections which can relieve debtors of immense stress and sleepless nights.
- • Wages no longer being garnished; exemptions include wage garnishments issued by the Family Responsibility Office, such as child support.
- • A fresh start unencumbered by the financial strain of debt.
- • A cost-effective solution when compared to other alternatives.
In Canada, filing for bankruptcy is accomplished in just six simple steps, but bear in mind that it may be a thorough and time-consuming process. Knowing what to expect can alleviate some of the fear and anxiety accompanying bankruptcy. Refer to our guide to learn how to file for bankruptcy in Canada.
Do not waste any time. Get a free consultation today from one of our Licensed Trustees in various cities, including Calgary, Edmonton, and Toronto, Ontario. Get the help you need today.
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