The Benefits of Filing Bankruptcy

The Benefits of Filing Bankruptcy

Bankruptcy might sound scary but often the fear of bankruptcy is brought on by misconceptions and myths. The first step is to consider your options. Which is where we come in.

Here are some key benefits of filing bankruptcy:

  1. You will be released from your debts that you owe, with certain exceptions such as alimony or debts arising from fraud that your trustee will explain to you;
  2. You will regain control of your situation – Your financial situation will be back in your control and you will have a fresh financial start. You can work towards saving and achieving your financial goals;
  3. All harassing calls from your creditors or aggressive collection actions from collection agencies will stop;
  4. All other legal actions against you are stopped when you go bankrupt;
  5. Wage garnishments will end;
  6. You won’t lose all of your assets;
  7. You will get out of debt and get your fresh financial start in a cost effective manner and bankruptcy is usually the quickest way for getting out of debt.

Other solutions, such as a debt consolidation loan, often cost more than bankruptcy as you will have to pay back the full amount owed, plus interest.

If you’re looking for a credit counsellor in Toronto, get a quick assessment with us today or call us at 416.900.2324. We will help you develop a plan, reduce your interest costs and get out of debt over time.