Hi,

Let me share some important facts about bankruptcy.

Bankruptcy may relieve you of your debt obligations, but it doesn’t come without serious consequences. Bankruptcy involves giving up almost everything you own to a trustee in order to get rid of all your debts.

Some effects of filing bankruptcy are:
It will negatively affect your credit
All valuable assets will be lost
Bankruptcy procedures last for a minimum of six months and can last even for two years.

You have better options before filing a bankruptcy. They are debt consolidation and consumer proposal. The concept of debt consolidation essentially means consolidating all of your loans into one new loan. It would help you lower the interest rate and monthly payments so that you could make the payments on time.

A consumer proposal is usually arranged by a trustee and is a legal process between you and your creditors for you to repay a portion of the amount you owe. There are debt consolidation professionals to help us with all the options mentioned above. They will guide us choose the best!