Are you afraid to answer your phone when it rings because someone may be calling about an unpaid bill? Once you get behind on your bills, you now have to make two monthly payments to catch up on each late bill, and if you don’t have the money, your problems get larger and larger (like a snowball rolling downhill). In some cases, bankruptcy is the only way out, and your debt consultants in Victoria can help you get through it. Let’s check out some of the good things they have to offer.
What is Bankruptcy in Canada?
If you decide to file for bankruptcy, you become insolvent. This means you can no longer meet your financial obligations. This is not something to be taken lightly because once you are insolvent, you must assign everything you own to a trustee, and this person decides what to do and how your debts will be settled. You are allowed to keep some things, but they may be just necessities. That’s why your debt consultants in Victoria only advise bankruptcy as a last resort.
What You Need to Know about Bankruptcy
Although it’s a final resort, bankruptcy is common in Canada. In fact, in 2015, more than 300 people in the country filed bankruptcy each day. The total bankruptcy filings that year were in excess of 121,000, so if you take this option, you won’t be alone.
Your debt consultants in Victoria are there to help you understand bankruptcy qualifications and tell you about things you should know. For example, did you know that you won’t release all your debts with a bankruptcy? Your credit card and unsecured loans will be removed. However, loans with collateral like your home loan or car loan are not forgiven, even if you surrender them. You might be responsible for any balances owed afterward.
When you need trusted debt consultants in Victoria, come to 4 Pillars Consulting Group. We have an A+ rating with the BBB, and you can go to our home on the Web at https://www.4pillars.ca/ today for more details.
Disclaimer: All 4 Pillars Debt Relief Specialists are independent consultants that represent and advocate for the debtor during their insolvency and throughout their financial rehabilitation. 4 Pillars Debt Relief Specialists are not Licensed Insolvency Trustees, Lawyers, or Non-profit Credit Counsellors.
