Bradford

Bradford’s Debt
Relief Specialists

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Declaring Bankruptcy and Bouncing Back with Bradford Credit Counseling

York Credit Services is your one stop credit agency for all your financial counseling needs. With the changes in the economy over the past couple of years, many people have found themselves in deep debt wondering how to reclaim a control over their finances. We provide a variety of services including Bradford debt consolidation, credit counseling and bankruptcy advice among others. Through bankruptcy, individuals whose finances have been hopelessly burdened with debt can get a chance to start a fresh. Many myths shroud the bankruptcy process and a lot of people often think of it as the worst-case scenario but it could just be the best way for you to take care of your debt problems.

What is bankruptcy?

Bankruptcy is the process of surrendering all your personal assets to a licensed insolvency trustee to eliminate your debts. There are various exceptions depending on the province you live in that can allow you to retain some necessities. The thought of surrendering all your assets sounds very harsh but once you learn how bankruptcy works and how it helps with your debt problems, it will not sound like a bad idea after all. Our Bradford debt relief specialist will ensure to walk you through the process understanding all the stakes involved and how every move will work towards improving your financial status.

An important factor to keep in mind is that bankruptcy is a legal process and it is governed by federal law under the Bankruptcy and Insolvency Act. The law protects the honest debtors who are open to receiving relief from debt with all fairness to creditors. An added advantage of bankruptcy is the stay of proceedings, which will prevent creditors from taking any legal action against you or calling you to trace their debts.

Our specialists can solve your debt problems

When to file for bankruptcy

During our credit counseling session, we will exhaustively look into your current state of finances. This included any outstanding debts and duration of default, expenditures, incomes and anything else that could have led to your situation. This exhaustive session will determine whether you are eligible for bankruptcy or if any of our other debt management plans would be more suitable for you.

How long will bankruptcy last

The minimum time set by the court for bankruptcy is nine months. This is possible if this is your first time filing for bankruptcy and if you complete the various responsibilities of the process. You will receive an automatic discharge from bankruptcy.

In order to file for bankruptcy you need to be insolvent: owing more than $1000 and unable to meet your debts as due. Any person who has carried out business in Canada for the past one year can apply for bankruptcy too.

What happens after bankruptcy?

It is crucial to understand that only unsecured debts such as credit card debt, income tax debts, medical bills and student loans can be discharged when you apply for bankruptcy. Secured debts such as car loans and mortgages can be discharged when the asset placed as collateral is recovered by the creditors. Debts such as alimony or child support will need to be paid. This is why it is important to work with a credit agency that can help you organize the rest of your financial obligations while going through the bankruptcy process. Simply filing for bankruptcy does not get you out of the woods.

You will need to set up monthly meetings for Bradford credit counseling and make payments towards your debt management plan.

Why choose the bankruptcy process?

The bankruptcy process is designed to help you relieve your debts while keeping your dignity intact. The process is supposed to give you a fresh start. You will not be left with nothing if you apply for bankruptcy. There are some exemptions to items you can keep such as retirement savings, pensions and tools of your trade among other things. Once bankruptcy is discharged, your credit record will be clear and you can receive credit. Completing your bankruptcy as soon as possible, saving your money and keeping track of your credit will help you get back on track as soon as possible. You get to start over with healthy finances.

“We are committed to reducing your debt and getting you back on the right financial track.”