The Scariest Part Of Filing Bankruptcy
Have you recently realized that you are facing an insurmountable level of debt?
You might be keen to take action but you could also be a little unsure about the right steps to take.
The first stage is always going to be contacting a Licensed Insolvency Trustee and this can actually be the worst part.
To do that you have to admit that your debt is out of control and you need support.
So what will dealing with debt and filing for bankruptcy look like for a Canadian resident?
Let’s break it down.
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Why Did You Fall Into Debt?
People end up in debt that they can’t afford for a variety of reasons.
It’s possible that your income was diminished to the point that you could no longer afford your previous financial commitments.
This led to you leaning on credit to cover the cost of your bills.
Does that sound familiar?
It’s the same story for a lot of Canadian residents.
Even if you are careful with your credit and don’t overspend you can still end up with a fortune in costs.
Unfortunately, a lot of people then make the mistake of avoiding contacting a trustee.
Why is this?
The simple answer is fear.
Why Is Contacting A Trustee So Frightening?
There are a lot of reasons people are scared to call a trustee.
They could be nervous about losing their house or their car.
They might also be worried that their close friends and family are going to find out what has happened and judge them for it.
You might even be worried about how it will impact your finances in the future.
Or perhaps, you have heard stories about nightmare situations people have faced with debt consultants?
It’s important to be aware that a LIT is not a debt consultant and you might want to avoid speaking to one of these unlicensed professionals.
They can lead you down a rabbit hole where it just takes longer to clear your debt.
Is Bankruptcy The Only Option?
If you have a certain level of assets and you do have money coming into your account a consumer proposal would suit you more.
A consumer proposal will allow you to gain the relief you need without going back to square one.
It will also allow you to maintain control of your assets so you don’t have to worry about losing your home, your car or anything else.
A LIT will be able to help you determine whether this could be a suitable option.
Are you struggling with the challenge of filing for bankruptcy?
We can help.
We have provided support to more than 100,000 Canadians and helped them gain debt relief.
As such, we’re confident we can support you too.
Get in touch on the phone or fill out a free evaluation form right now.
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