FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Is bankruptcy the worst way to go?

My boyfriend and I are thinking of going bankrupt and I was talking about it to a friend and she told me that if you do that it will mess up your chances to do anything for 7 years you cannot build your credit back and it stays on your credit record even after the 7 years. Do you have to have unpaid bills for a certain amount of time before you are allowed to file for bankruptcy? My boyfriends new job didn`t work out and I am supporting us and its not working we are unable to make regular payments, I am getting calls from the visa company.

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Is bankruptcy the worst way to go?”

Barton Goth GCO Bankruptcy Trustees said...

Your friend is not quite accurate. She is correct that there will be an impact on your credit. You will have an R9 listed on your credit buruea for a maximum of 6 years from the date you are discharged.

However, this doesn’t mean you can’t rebuild this rating. In a lot of situations I have seen people completely rebuild their credit in as little as 2 years after discharge, so it is definately possible.

As to wheter bankruptcy is th best avenue for you at the current moment, I simply don’t have enough informaiton to make that call. A bankruptcy will permit you to put a stopp to the harassing phone calls, deal with the outstanding unsecured debt, but for a better idea of what it involves you should really contact local trustee.

All the trustee’s associated with the Bankruptcy Canada will be willing to provide you with an free no obligation consultation where they will look more specifcially at your situations and then explain in detail bankruptcy as well as any other potential options you may have.