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111 Waterloo Street, Suite 310
London, ON N6B 2M4

WHY ARE PEOPLE SO AFRAID OF BANKRUPTCY?

September 5, 2017

Bankruptcy still seems to carry with it a stigma that is, in many ways, unfair.

Bankruptcy is a great solution for debt problems, the process provides immediate relief from collection and legal activity.  Most common assets can be retained, the trustee does not take control of your paycheque, and the process is relatively confidential.

Trustees are administrators of Federal Government debt relief programmes that generally come in two forms, Bankruptcy & Proposal.  Bankruptcies are always cheaper than proposals, and they are usually faster to complete allowing people to re-establish credit sooner.

So why do bankruptcies get such a bad shake?

There are a lot of urban myths about bankruptcy.  Social media, such as YouTube, is filled with information about the bankruptcy process – usually showing videos depicting the US bankruptcy regime which is quite different from the Canadian process.

To find out if a bankruptcy is the appropriate solution for you and your family call our office at 519-646-2222 and arrange a free consultation.