Rebuilding Your Financial Life After A Bankruptcy or Consumer Proposal Is Easier Than You Think
Contrary to what many people think, bankruptcy or filing a consumer proposal is not the end of the world – it doesn’t mean you’re going to struggle with money forever.
It’s actually easier than you think to rebuild your life after a bankruptcy or consumer proposal.
Working with Bankruptcy Canada can help you to come up with a plan, taking you all the way from filing bankruptcy or a consumer proposal to rebuilding your credit and your life.
If you choose to declare yourself bankrupt or file a consumer proposal, you will be required to attend two financial counseling sessions.
These sessions will be utilised to help you understand the reasons for bankruptcy/consumer proposals and they will equip you with the knowledge needed to take better care of your finances in the future.
Of course, recovery from your bankruptcy or consumer proposal will take some time, but it won’t be as difficult as you probably think.
You’ll likely be debt free once you have filed for bankruptcy or a consumer proposal, and this will be attractive for creditors – so you can start building your credit again soon after.
However, a proper plan must be put in place to ensure you don’t end up in the same position as before.
Rebuilding Your Credit – What You Should Know
You Must Pay Your Bills On Time (All Of Them)
Paying all bills regularly and on time shows creditors that you are up to date with your expenses and that you are prioritising the things that need to be prioritised.
It Might Be Worth Getting A Secured Investment
Certain companies may be able to offer you a payment plan on investments.
Consider Getting A Secured Credit Card
A secured credit card is protected by your own money.
Information regarding payments you make will be sent to the credit bureaus every month.
Making sure you keep up with your payments will ensure your credit score improves.
You should also stick to making small purchases with your credit card that you can easily pay off.
Keep the balance low, and pay the full amount off every month.
Don’t get back into bad habits.
Look Into Getting A New Bank Account
Creating a relationship with a new financial institution will demonstrate that you can now effectively manage your money without problems.
Get In Touch With Bankruptcy Canada Today
If you want to start your journey to financial stability, get in touch with Bankruptcy Canada today.
Bankruptcy Canada has helped many clients in similar situations, and will definitely be able to help you.
We will take a non-judgemental look at your situation and provide options to help you move forward.
All hope is not lost, and there is life after debt – you just need to take action now.