Personal Bankruptcy

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Personal Bankruptcy: What you need to know

If you are facing financial hardships filing for bankruptcy is never easy. Declaring personal bankruptcy is a big decision that will affect your financial life forever. Not only do you risk ruining your credit for many years but also losing your personal assets like your home. Most experts advise individuals to consider bankruptcy as a last option when other alternatives to dealing with debt such as consumer proposals, debt settlement and consolidation of debts have been reviewed.

Should I file for bankruptcy?

The goal of filing for bankruptcy is to deal with your debts. In Canada, a licensed trustee can help you to file for bankruptcy by filling all the required paperwork and guiding you throughout the process. That’s what we offer you at York Credit and much more. At York Credit, we will walk you through the bankruptcy process and ensure it’s the best option for you.

We always ensure our clients understand the consequences of filing for bankruptcy. For instance, there are certain costs associated when you apply for bankruptcy. Once you file the application will become public record which could make it harder for you to obtain financing in future. We will ensure that you are well informed before making a decision to file for bankruptcy.

Filing for Bankruptcy While on Long Term Disability

If you have suffered a serious injury as a result of a car accident, slip and fall accident, a work-related accident, or any other injury, you are entitled to long-term disability benefits. However, many people with long-term disability find themselves suffering financially when earning a regular income from a job or a business is cut and also from insufficient LTD benefits/increased expenses, or even failure to get LTD benefits for one reason or the other. If bankruptcy is staring you in the face, these tips will help:

Get the necessary financial knowledge and learn to cut back to avoid getting into bankruptcy.

Consider putting your money in a Registered Disability Savings Plan (RDSP) because if you file for bankruptcy, a Licensed Insolvency Trustee (Trustee in Bankruptcy) cannot seize your funds. Although this is not enshrined in the Bankruptcy and Insolvency Act, recent court rulings like a recent one by the BC Supreme Court have protected the fund.

File for LTD benefits quickly to avoid slipping into financial ruin.If necessary, file administrative appeals with a separate claim unity, providing as much proof to support your claim as you can get.Go for a doctor who has dealt with disabilities before since he/she will know how to fill the necessary documentation and to answer questions from the insurer.Swear a statement or give video evidence explaining, in your own words, why you need LTD benefits.

Hire a personal injury lawyer to guide you through the murky process of filing an LTD claim.

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Bankruptcy Options

Why are you in debt?

Filing for bankruptcy is a very serious step. You must think it through carefully and seek professional advice before you decide to take this step. For creditors, filing for bankruptcy means that you are insolvent and unable to manage your money. Bear in mind that filing for bankruptcy doesn’t eliminate the problem of why the debt occurred in the first place.

That’s why we always advice our clients to think about why they were in debt in the first place and how to manage their money better. Mastering smart spending habits can help you to manage your finances and avoid facing the same situation in future. Knowing what caused your financial hardships can put you in a better position to determine the next step that’s right for you. It’s important to us to provide sound financial advice to our clients so that they are able to avoid getting into debt again.