More often, we hear from our clients about bankruptcy being a positive experience. The old stigmas associated with filing a bankruptcy are slowly being lifted and it’s not the taboo subject that it once was.
In fact, people we help tell us the most stressful part about declaring personal bankruptcy was the period of time building up to the bankruptcy. The stress of dealing with collection calls and the threat of legal action like a wage garnishment can be extremely overwhelming for some, and can lead to many other issues such as problems focusing on work, marital problems or even medical problems.
Bankruptcy is far more than “getting out of debt”. It’s a plan. A stepping stone toward a brighter future.
First, once a bankruptcy is in place, you’ll benefit from immediate legal protection. So not only do creditors have to stop making demands and threats, they’re not even allowed to communicate with you anymore. The phone calls stop.
In almost all cases when you file a personal bankruptcy, you’ll benefit from being able to retain most of your assets. Household goods, personal belongings, vehicles, property with little or no equity, pensions, most life insurance policies are all assets that many people who file get to keep.
Bankruptcy rules are designed in such a way to allow you to be able to maintain a reasonable standard of living with legal protection from the people you owe money to while you complete the process.
Once you can go about your day-to-day life without the stress of wondering how you’re going to keep on top of a mounting debt problem, it’s often easier to start focusing on your future.
Bankruptcy can give you a fresh start. As part of going through a bankruptcy, you’ll attend two one-on-one counselling sessions with a professional credit counsellor. You’ll be provided with professional advice, tips and guidance on a variety of useful topics such as money management, budgeting, shopping habits, credit rebuilding. These sessions are tailored to your individual situation so that you benefit as much as possible to start rebuilding your new life without debt.
It’s not unusual now to hear of people coming out of a bankruptcy with repaired credit, money to invest and improved cash flow.
The days of bankruptcy being perceived as “waving the white flag” or “giving up” are in the past. Bankruptcy is about taking responsibility and ownership of a challenge, meeting it head on and moving on to your brighter future.
If your debt is causing you stress and holding you back from the life that you want, contact a local bankruptcy expert to book a free consultation to discuss your situation. Our trustee's in bankruptcy will listen to you, review all of your options and help you to create a plan to help you become debt free.