Information on the Bankruptcy Process

Nobody wants to be in so much financial trouble that they have to file for bankruptcy, but for some, it may be the only right choice. Declaring personal bankruptcy may be the road to financial recovery, helping you to start things over. Bankruptcy does come with its own set of responsibilities, but we have the experience and knowledge to walk you through the entire process. You won’t have to bear this burden alone.

Benefits of Bankruptcy

Here’s how many of our clients have benefited after filing for personal bankruptcy:

  • You’ll have relief from all of your creditors. If you’re this deep in debt, your creditors have probably been harassing you for payments for a long time. When you file for bankruptcy, your trustee will see that you no longer have to worry about or deal with your creditors directly. You can start over.
  • You’ll have consolidated all of your debt payments. Your wallet and budget won’t be strained every which way, because you’ll have only one payment and one set interest rate to deal with. The bankruptcy process is designed to get you back on your feet more quickly, relieving you of financial stress.

Responsibilities of Bankruptcy 

Personal bankruptcy also comes with responsibilities, so you should keep these in mind before filing:

  • Your credit score will be affected. When you file for bankruptcy, it’s because you have financial obligations that you cannot fulfill. This inevitably will lower your credit score and will make it more challenging for you to get loans at reasonable rates in the future. Ask us for more information on credit scores.
  • You’ll have a certain lack of financial freedom compared with before filing for bankruptcy. A Kelowna or Kamloops trustee will set a budget to fit your expenses, but they will use your income to fulfill debt obligations. Fulfilling debt obligations may enable you to discharge your bankruptcy and free yourself from remaining debt.

Watch: Discussing your options with a Licensed Insolvency Trustee

Book a Free Consultation

We want to help you to get out of debt. Don’t hesitate to contact us if you would like to learn more about bankruptcy alternatives like debt consolidation in Kelowna, Kamloops or Penticton. Contact us today for more information.