Dealing with Debt by Declaring Bankruptcy in Ontario

Debts are like bullets; dodging them gives you the opportunity to continue living and even start anew. But when debts accumulate and are fired at you through a machine gun at 600 rounds per minute, there’s nothing left to do but pray you get out of the predicament alive or hope that each bullet gets miraculously deflected. Luckily, you can survive debt, and live to tell your tale as long as you can pull off filing for bankruptcy.

Bankruptcy is a legal status through which an individual or company claims the inability to repay debts owed to creditors. This status can be used as a way to eliminate most debts while being given protection from creditors under federal legislation. Filing for bankruptcy can be a tedious and complicated process that involves voluminous paperwork and certain legalities. Those who are considering filing are advised to engage the services of a trustee from Ontario bankruptcy assistance firms like Paddon + Yorke Inc.

Many Canadians suffer from overwhelming debt and personal financial difficulties. In fact, each year, roughly 100,000 people file for personal bankruptcy across Canada. These financial troubles could result from loss of income due to unemployment, business failure, student loan repayments, and debts incurred due to an accident, serious illness, or bereavement.

Only bankruptcy trustees have the wherewithal to save you from being harassed by your creditors due to an automatic stay on further collection proceedings once a personal bankruptcy is filed. These authorized professionals will handle all the necessary paperwork to enable you to obtain the protection you need. They also provide financial management education to help you escape the vicious cycle of unsettled debt. With their help, you can overcome your financial challenges and get back on your feet.

Bankruptcy, however, comes with certain setbacks. For instance, it cannot relieve some debts like unpaid child support and student loans that are not more than seven years old from the date of completion of your studies. Most importantly, bankruptcy can have a negative impact on your credit score that could last up to 6 or 7 years from the date of release in the bankruptcy. During this time, you may have trouble acquiring housing loans, credit cards, and other financing schemes.

In any case, being able to file a personal bankruptcy provides the same emotional relief as dodging a hundred bullets. If you want to live to fight another day, it’s in your best interest to start searching for companies like Paddon + Yorke Inc. that provide Ontario debt assistance services. Don’t let debt get in the way of a happy and fruitful life.