Bankruptcy

Filing Bankruptcy is a legal solution to solve your debt problems and get a financial fresh start. It will result in most if not all your debts being eliminated, and all your debt payments cease. All collection actions and garnishments are stopped.  This will free up money in your budget so you can afford your living costs and allow you to get back to living your life.

What is the Process? 

Filing for bankruptcy is very simple and straightforward. You will need to meet with a Licensed Insolvency Trustee to get a free and confidential assessment of your financial health. The Trustee will identify the very best solutions available and advise you how a bankruptcy could benefit you. If you decide to proceed with it the Licensed Insolvency Trustee will file the paperwork and contact your creditors for you. All you need to do is meet a few simple duties with the Trustee and it will result in a full discharge of all your debts, and you will be debt free. 

How will it benefit me? 

While nobody wants to go bankrupt, for those struggling in deep debt it can be the best thing they can do. Life happens.  It is not uncommon for Canadians to find themselves in a situation with more debt than they can afford.  Because of high interest rates and unplanned expenses, once you are in deep debt it can be very difficult to climb out.  What’s worse, for many people dealing with financial problems this will often result in emotional stress, health problems and destroy their relationships.

While filing bankruptcy may seem like a scary life event, it’s not nearly as bad as people think.  You have already been through the worst of it living with your debt problems before you file.  Bankruptcy is a tool to be used to fix debt problems, so they don’t affect the really important things in your life like your health and relationships with loved ones.

If you have a viable alternative that would result in you being able to pay off your debts in a reasonable time period, then you should give this a try and not rush into bankruptcy.
However, if you don’t have a workable solution, then ignoring the problem and sticking your head in the sand is the worst thing you could do.  Living with money stress, stuck on a treadmill of paying minimum payments while struggling to buy necessities and meet the needs of your loved ones, is no way to live.  I have witnessed people live through years of needless suffering just to try and avoid a short, easy, painless process.  The comment I hear the most from my clients after filing bankruptcy is “I wish I had done this sooner”.

Life is too short to spend it unhappily. Have a free meeting with us to get advice and find out your options.  Don’t let fear and perceived stigma stop you from taking responsibility for your finances and making smart financial decisions that are best for you.