The Benefits of Filing Bankruptcy
Here are some key benefits of filing bankruptcy:
- 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;
- 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;
- All harassing calls from your creditors or aggressive collection actions from collection agencies will stop;
- All other legal actions against you are stopped when you go bankrupt;
- Wage garnishments will end;
- You won’t lose all of your assets;
- 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.