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If you are contemplating bankruptcy, you are probably experiencing a great deal of stress because of your financial situation. This stress usually bleeds into other areas of life - family, friendships, and career - often leading to arguments with loved ones and coworkers and the inability to relax in ways that are healthy. In the mind’s eye, the situation becomes increasingly bleak. It is difficult to see a good way out of debt.
Most people who take the step of visiting a bankruptcy trustee are surprised at the hope that the first meeting offers. A trustee has the experience to look at your debts, assets, and income and explain the options available to deal with the current financial crisis. A consolidation loan and a change in spending habits may do the trick. Or the trustee may suggest a consumer proposal, in which your creditors agree to accept only a portion of your debt.
If bankruptcy is your best option, you may be pleased to know that you can keep the majority of your RRSPs and, depending on the province you reside in, can retain some other assets. Eventually, you will also be eligible for mortgages, leases, and new credit cards. Declaring bankruptcy brings immediate relief of pressure from those you owe money to. It is also an opportunity to learn new financial habits that will make it possible for you to achieve material and life goals that currently seem impossible.
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