MNP Limited Hamilton Mountain, ON Licensed Insolvency Trustee

MNP Limited289-271-0732
153-905 Rymal Rd E, Hamilton, ON L8W 3M2

 

If you are considering bankruptcy, then one of the many questions that could be worrying you would be about your credit rating.

You can visit our Hamilton Mountain, ON, Licensed Insolvency Trustee for an expert opinion.

 

MNP Limited Hamilton Mountain, ON Licensed Insolvency Trustee

905 Rymal Rd E
153,
Hamilton, ON L8W 3M2
Canada
Phone: 289-271-0732

 

Professional Hamilton Mountain Debt Advice

 

It is true that declaring bankruptcy can have a bad impact on your credit score.

In fact, you credit score will suffer a low rating after you become bankrupt.

In addition, your bankruptcy will remain on record on your credit report for 6 to 7 years.

This can make it difficult for you to obtain credit in future.

However, declaring bankruptcy is better than continuing your life with unmanageable debt.

As the LIT, or Licensed Insolvency Trustee at our Hamilton Mountain, ON firm, would explain, continuing with debts in the mistaken belief that your credit score would get hit if you declare bankruptcy, will be more damaging.

You will end up defaulting sooner or later, or you will reach the maximum limit on your credit, either of which is not going to look good on your credit report.

Our firm’s Licensed Insolvency Trustee at Hamilton Mountain, ON, recommends bankruptcy in cases where doing so can actually improve a debtor’s credit rating.

Your first consultation with our trustee is free.

The LIT will ask you about your income and expenses, and debt payments, to understand your debt situation.

The LIT will also review other debt relief options such as creditor settlements and Consumer Proposal, and will recommend bankruptcy only if it is in your best interests.

Our LIT will also take you through the bankruptcy process step-by-step, explaining to you the legal implications of various choices available to you.

In addition to Federal laws, Ontario’s laws play a key role in bankruptcy declaration.

 

Obtaining Fair Bankruptcy Help

 

Our LIT’s in-depth knowledge of Ontario’s bankruptcy laws as well as Federal laws will help you obtain fair benefits during a bankruptcy.

For example, you can retain more assets under Ontario’s laws for asset exemptions.

The extensive experience of this LIT in dealing with bankruptcy cases can help you rebuild your credit rating faster.

A classic yet solid bankruptcy advice that the trustee imparts is timely payment of bills, and saving more and spending less.

Refraining from practices such as issuing bounce-risk checks, overdrawing on accounts, and taking credit without any valid purpose, are some practical steps that our trustee advises debtors to follow.

When implemented over a period of time, these measures demonstrate your responsible attitude toward money management. Steady bill payment can eventually lead to a better credit score. Creditors will then be more confident about your repayment ability.

If you are in Hamilton Mountain, ON, and are looking for an effective way to get rid of your debt problems, then the first positive step to take is to contact our Licensed Insolvency Trustee.

 

Sources:

https://loanscanada.ca/credit/how-to-rebuild-your-credit-after-bankruptcy/

https://bankruptcy.mnpdebt.ca/faqs/how-does-bankruptcy-affect-your-credit-rating

https://globalnews.ca/news/4184225/credit-score-bankruptcy-score/