If you find yourself in financial trouble, filing for a personal bankruptcy is one of the options that you have in Canada. You should know that although the situation you find yourself in is probably upsetting, bankruptcy can give you the peace of mind and fresh start you’re looking for. And remember, you are not alone – Canadians filed more than 96,000 bankruptcies and consumer proposals last year alone.
When you file for bankruptcy, all of your debts will be discharged, or forgiven, and you won’t have to worry about any more wage garnishments or creditors calling your house. You can also start working on rebuilding your credit. To learn about what bankruptcy can do for you or how to file for bankruptcy, read our 4-part series Personal Bankruptcy in Canada.
Multiple bankruptcies – what happens when you file again?
What happens if you get into financial trouble for a second time and are considering filing for bankruptcy again? Again, do not feel alone. A lot of people find themselves going through difficult life situations that cause serious financial trouble and have to file for a second bankruptcy. Although filing for a second bankruptcy is more difficult and rebuilding your credit will take longer, a second bankruptcy can help you realize a healthier financial future and give you peace of mind that your financial trouble is behind you. For more information about second bankruptcies, visit our Second Time Bankruptcy page.
Bankruptcies in Canada
The number of bankruptcies in Canada fell in 2006. This correlates with the national unemployment rate dropping to a 30-year low. Although this is good news, it also brings some worrisome news with it. As the unemployment rate drops and the employment rate rises, the number of people taking on larger and larger amounts of debt increases. A lot more Canadians are carrying record levels of debt and are living from paycheque to paycheque, putting themselves in a precarious position. To find out how the statistics for bankruptcies, debts, and employment rates affect you, visit our Personal Bankruptcy Statistics page.
Where can I get more information about bankruptcies?
For more information about bankruptcies in Canada, contact a licensed trustee in your area for a free consultation. You can also ask us any questions you may have on our Bankruptcy Canada Blog. The situation you are in might have you worried, but peace of mind and a fresh start are just around the corner. Contact a trustee today to find out how you can realize your healthy financial future.