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What is Bankruptcy/Why Not Bankruptcy?:
Being bankrupt means you no longer have the ability to meet your
financial obligations. The bankruptcy process is a legal way for
those in an impossible financial situation to start fresh.
Therefore bankruptcy is a perfectly viable option
for many. Many consumers view bankruptcy as the most expedient way
of resolving financial difficulties. However, bankruptcy remains
a last resort rather than a first choice, and for some very good
reasons.
A record of your bankruptcy forms a part of your credit bureau
history for years, while many credit applications ask if you've
been bankrupt. It doesn't necessarily mean you won't get credit
after you've been discharged, but it does mean that getting new
credit will now become more difficult and frequently more expensive.
There are certain jobs and positions that require you to disclose
whether you've been bankrupt. And - although few realize it - bankruptcy
is a matter of public record, and is published.
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| Sample Client Contacts |
'Would a couple who owns property (bank owns actually) be able to use this service? CC (credit card) debt of $25,000 LOC (Line of Credit) of $75,000, plus outstanding to CRA...they say $39,000...we are heavily indebt due to CRA refusal to allow our tuition/education expenses for our daughter for the past 12 yrs...thoughts?? Would we lose our home and cottage property??'
'have incurred about 74,000 in student debt. I need information on how to pay off the principle on 3 loans: American Educational I Services l (CANhelp) a line of credit from my bank and OSAP. I have finished teachers college and cannot find a job'
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