subject: How Canadian Bankruptcy Works [print this page] If you find yourself in a really tough financial position, declaring bankruptcy might be one of the options for you to consider. Declaring bankruptcy in Canada is what can give you a chance to start your life from scratch. Anyone who owes more than $ 1,000 in debt has the right to file personal bankruptcy in Canada. It's quite a tempting idea for those heavily burdened with debt.
However it has its cons and pros. So be sure to keep them in mind before you make your mind whether to go bankrupt or look into possible alternative debt solutions first. By the way, have you tried all of the alternative ways to cut your overwhelming debt? It's important you go through these options before you ever think of going bust. Let me remind you again what you can do is:
-Create your Personal Budget
-Try Credit Counceling
-Work out Debt Management Plan
-Consolidate your Debts
If you have tried all of the options on the list and still feel you're stuck unable to move ahead then make a quick escape by declaring personal bankruptcy in Canada.
With the past experience of fighting debt issues I would like to share information I learned about Bankruptcy in Canada.
To begin with, you'll need to inch your every step throughout the Canada bankruptcy process. You'll have to find a reputable bankruptcy trustee to guide you through it. Besides this, you'll need to find out about the outcomes of declaring bankruptcy in Canada. Be well aware that it obviously will have a major impact on you in future.
Don't expect your debts vanish overnight. It'll take up some time. Good thing is that it's not going to last forever. As a common practice in Canada by declaring bankruptcy one can wipe out all eligible debts within nine month period. After that you can give yourself a fresh start in life.
To make it short and simple here're benefits and drawbacks of declaring personal bankruptcy in Canada. Check the advantages first:
-It is a relatively quick procedure
-It might be less expensive if compared to the other options
-Eliminates unsecured debts
The major disadvantages are:
-It'll adversely affect your credit history
-You will most likely have to surrender some possessions to your trustee
-You will have to keep track of income and expenses while you're bankrupt
All in all, whatever situation you may find yourself in there is always a way out. Sometimes you need to take radical steps to improve it, you know. Same is with the debt. If you're aimed to start fresh debt-free life in Canada there is nothing to stop from this. Go ahead even if your bankruptcy is the last thing you can do. It's still your chance!
