When you find yourself falling further and further into debt, bankruptcy offers a potential solution that can enable you to start afresh.
While filing for bankruptcy in Canada will bring long-term financial repercussions, it is a path that over 130,000 Canadians will tread this year.
If it is deemed the right option for you, BankruptcyCanada can guide you through the process.
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Bankruptcy In Canada
Despite a decline in the early parts of the century, the volume of bankruptcy filings has followed an upward trajectory in recent times, culminating in around 375 per day in 2019 while Q4 of 2019 registered the highest number since 2010.
It signaled a year-on-year growth of over 10%, while economic problems caused by the coronavirus pandemic are likely to increase the rate even further.
While the population growth is partly responsible for the increase, the fact is that individuals facing the threat of bankruptcy are not alone.
In fact, over one million Canadians believe that they are close to filing for bankruptcy and may be forced to take action in the coming months.
For some, alternative debt relief options may be available.
For others, bankruptcy will be the only possible outcome.
First and foremost, business owners should know the difference between personal and business bankruptcy.
However, most people are concerned exclusively with the former.
Personal bankruptcy is a process that takes at least nine months and one day to be finalized.
Still, once you have been discharged, all of your previous unsecured debts will be cleared.
In spite of the many repercussions it can have on your credit score and future borrowing opportunities, the new start can lift a weight from your shoulders.
With the right credit-building strategies in place, you can slowly reclaim control of your financial health.
While it’s important to acknowledge the types of debt that bankruptcy cannot free you from, there are several reasons why thousands apply for bankruptcy every month.
BankruptcyCanada can help you discover whether it’s the best answer.
Most candidates learn from their past mistakes and only file for bankruptcy once in their life.
Nevertheless, unforeseen circumstances may land you into financial difficulties for a second time.
When this happens, it can put you in a scary situation.
Once again, BankruptcyCanada can support you along every step of the journey to ensure that the best outcome for your personal situation is achieved.
You don’t have the face the battle alone.
Filing for a second bankruptcy will cause even bigger credit score and credit building limitations.
Still, it delivers the same peace of mind and opportunity to start afresh.
In truth, filing for a second bankruptcy should be viewed as the last resort, especially as alternative options may be available.
Under the right circumstances, though, it may be the only option at your disposal.
Get Help With Bankruptcy
When filing or personal bankruptcy in Canada, the support of a licensed insolvency trustee is essential.
Our experts will help you analyze all debt relief options before implementing the right strategy.
Call today for your free consultation.
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Personal Bankruptcy in Canada
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