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.
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 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.