Far too many people see Bankruptcy as the solution to their financial problems when there are many other less devastating solutions available. The only reason that they don’t look at alternatives is that they don’t know about them and haven’t been offered them.  When it comes to credit card debt, Canadian laws allow most of it to be erased when you file for bankruptcy. This is a viable option for those who have no other way of paying off their debt, but it should always be the absolute last resort. You should avoid bankruptcy at all costs, because a bankruptcy will ruin your credit for many years, and it may also lead to higher costs for insurance and other financial products. Unless you’re truly unable to make your payments, it will be better to use a different debt solution such as a Debt Settlement, Debt Consolidation, Credit Counselling and Consumer Proposal. All of which are far better than filing for Bankruptcy.

Personal bankruptcy Laws in Canada allow you relief from crippling debt and to eliminate monies owed. This is no get out of jail free card. The effects of Bankruptcy are severe, costly, very restrictive and have a long-term impact. For more information go to http://www.bankruptcy-canada.ca/

However, for the Bankrupt individual, these downsides can be preferable to foreclosure, repossession, collectors, garnishment and utter financial ruin. Knowledge is power, so before making a life altering decision such as Bankruptcy, come to an impartial professional who can go over the pro’s and con’s and point out alternatives, so that you can make the best choice available to you.

Bottom Line: Do not Go Bankrupt – Talk to us first to see if you have better options. We are impartial and will tell you if Bankruptcy is in your best interest. We will even help you through that process and go to the Trustee with you if desired.