Why do people tell me that going bankrupt is such a bad thing?

People are often intimidated by the bankruptcy process. This fear is typically based upon misinformation that the person received from the media or from family and friends.

What people often do not understand is that the purpose of bankruptcy is to help rehabilitate the honest but unfortunate debtor who finds him/herself in a difficult financial situation. Our bankruptcy laws are not designed to punish those who go bankrupt. The system is focused on rehabilitation and providing a fresh start.

People may also believe that they will lose their house, car and other assets if they go bankrupt. This is typically not the case. Most basic assets are exempt from seizure meaning that you keep them. If you have any non-exempt assets, your Trustee will try to customize a payment plan which will allow you to keep them.

The reality is that most people who decide to file for bankruptcy are relieved after having done so. After meeting with a Trustee, most people wish that they had started the process much sooner.

We are pleased to offer a free consultation to discuss your options.

 

LarryCrandall headshoulders 2016

Lawrence Crandall, LL.B, CIRP, Licensed Insolvency Trustee

Licensed Insolvency Trustees
Tel: 1-888-455-6060
www.freshstartatlantic.ca
Fresh start…the road to financial freedom