Useful information about declaring personal bankruptcy in Canada. Learn about the rules, laws, regulations, how to file, how bankruptcy affects credit, what happens to debts and more.
Declaring personal bankruptcy is the first thing many Canadians think of when they find themselves facing financial difficulty. However, bankruptcy is a big decision and one which will affect your credit for a number of years. There are a lot of alternatives to bankruptcy that many people don't think of right away, like a consumer proposal, debt settlement, debt consolidation and a debt management program to name a few.
While going bankrupt is a good decision for some people, it's not usually anyone's best first option when dealing with insolvency or debts. Two things to note are that there are costs associated when you apply for bankruptcy and your bankruptcy filing will become public record. It is in your best interest to be well informed before you make a serious decision about your financial future.
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When you file for bankruptcy in Canada, it is a legal process. The goal is to help you deal with your debts. It is governed by the Bankruptcy and Insolvency Act. When you claim bankruptcy, a licensed trustee in your province will fill out the forms, do the paperwork and guide you through the process. Once you have chosen to go bankrupt, there are a number of requirements you will need to complete in order to successfully obtain your discharge.
Life After Bankruptcy - How Bankruptcy Affects Credit and How to Rebuild It
After someone has successfully obtained their discharge, they can work on rebuilding their credit rating. While there isn't a quick way to fix a credit rating, there are steps you can take to rebuild credit after bankruptcy. Things like refinancing, loans and mortgages are also different after going bankrupt. Read on for the details and what to expect from life after bankruptcy.
Common questions about bankruptcy in Canada:
- What is the definition of bankruptcy and what are the basics?
- How does bankruptcy work and what are the rules?
- Where can I get information on bankruptcy listings, notices and statistics?
- What is bankruptcy protection?
- Where can I get free bankruptcy help, advice or counselling?
- How does bankruptcy affect mortgages and student loans?
- How does filing for bankruptcy affect taxes?
- What is the difference between corporate and small business bankruptcy?
- How does bankruptcy affect loans?
Contact Us for More Information About Personal Bankruptcy and Debt Help
We are a trusted Credit Counselling organization in Canada and have been helping Canadians get debt relief since 1996.
If you're in Canada and aren’t sure if filing for personal bankruptcy is the right debt solution for you, we can help. Contact us for a free, confidential appointment with one of our certified Canadian Credit Counsellors. Your Counsellor will be happy to look at your whole situation and provide you with realistic solutions. We'll answer your questions and provide you with information about how to manage your debts and become debt free.
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