Is There Life After Bankruptcy Discharge?

Yes, there is definitely life after your bankruptcy discharge; a better one than what the person experiences just before he files bankruptcy.

Every person with a debt problem hates the idea of bankruptcy.

They avoid bankruptcy as long as possible.

They are harassed by bill collectors.

They are under severe stress.

You can receive your Bankruptcy Discharge in as little as 9 months which will stop the creditor calls, collection calls, wage garnishments and the stress you are facing.

Often the money problems cause strive at home to the detriment of all and especially the children.

In extreme cases, bill collectors phone the person at work and threaten a wage garnishee.

This stress eventually drives the person to see a Licensed Insolvency Trustee.

They tell me they are sleeping better and are no longer dreading answering the phone.

They say they are doing better at work because they know no bill collectors will call and the threat of a garnishee is gone.

Why is this so?

Bankruptcy has a very powerful protection for the bankrupt which is the Stay of Proceedings.

The Stay of Proceedings goes into force as soon as the bankruptcy is filed.

The Stay of Proceedings prevents unsecured creditor from taking steps to collect on their debts.

Bill collectors will stop phoning.

Interest stops accruing.

Garnishees in place or contemplated will be stopped.

If a creditor has threatened to garnishee wages the trustee will phone him as soon as the bankruptcy is filed and explain that the Stay of Proceeding is in place and he cannot file a garnishee.

If a wage garnishee is in place the trustee will phone the payroll department explain that you have filed bankruptcy and since a Stray of Proceedings is in place will inform the payroll department that no further moneys are to taken from your pay.

A Licensed Insolvency Trustee is the most highly trained and well educated debt professional in Canada and the only debt professional in Canada who can prevent all unsecured creditors, including Canadian Revenue Agency (CRA) from trying to collect their debt.

Licensed Insolvency Trustees are regulated by the government so the cost will be the same no matter which Trustee in Canada is used.

After you receive your discharge you will have your chance for a fresh start.

Although a record of your bankruptcy will remain on your credit reports for 6-7 years after your discharge, you have the ability to begin rebuilding your credit history once you have been discharged, and even beforehand.

Secured credit cards can help you begin improving your credit rating and credit score if you use the card regularily and responsibly.

By making regular monthly payments on your secured card, a report will be sent to the credit bureau about your credit usage and repayment.

Credit bureaus will enjoy seeing that you can use credit responsibly, and you will eventually qualify for a normal credit card with a good interest rate.

After a short while you will be able to qualify for unsecured debts at low interest rates, and secured debt such as a car loan or mortgage as well!