If you are in a position where you need to file for bankruptcy, you will be required to attend two credit counselling sessions.
These are designed to help you consider your financial position and to help you better manage your spending during and after the bankruptcy process.
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Your Credit Counselling Sessions
Your first credit counselling session will happen sometime between the 10th and 60th day of your bankruptcy.
This session will cover money management, your spending and shopping habits, warning signs of potential financial difficulties, and issues surrounding credit.
We will also review your budget with you and will help you cut some of your expenses to improve your financial situation.
Your second session will be conducted at least 30 days after your first session and before the seventh month of your bankruptcy, and it is here where the causes of financial difficulty will be discussed.
This session will also cover financial management and consumption habits.
Your sessions will be kept private and are on a one-to-one basis.
However, group sessions can be requested, so you do have that option if you prefer.
While you might consider these sessions an inconvenience, it is important to remember that bankruptcy isn’t your only way out of debt.
Part of the process is learning how to manage your money better, and discovering the issues that could trigger financial difficulty, as the better equipped you are after the sessions, the greater your chances of escaping debt problems in the future.
You will also benefit from the support of an experienced professional.
Your credit counsellor will have many suggestions to help you manage your finances, some of which you may never have thought about yourself, so be glad of the opportunity to talk to them.
Be sure to compile a list of questions to ask your credit counsellor too.
This will help you make the most of your opportunity with them.
So, you might want to know what types of bank account are best, for example, or you might want to ask questions relating to saving your money.
By making a list of questions that relate to your current or future finances, you will get the answers you need to improve your situation, and they will give you the chance to make a true fresh start after bankruptcy.
If you are currently considering bankruptcy, get in touch with us.
We will discuss other insolvency options with you, including consumer proposals, and will determine whether bankruptcy is the right answer.
If it is, we will go through the process with you and arrange the necessary paperwork.
You can get in touch with us by calling us on (877) 879-4770 or by using our form to arrange a free consultation with one of our trustees.
The sooner you take this first step towards managing your debt problem the better as financial freedom is possible for you.
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