If you are in serious debt, you may be struggling to make minimum credit card payments, suffering wage garnishees, using cash advances just to get by, and receiving calls from your creditors – you might even be uncertain about the total amount you owe. You may be thinking of declaring bankruptcy but have heard several negative things about the process – well, it’s not as bad as you think. Bankruptcy allows you to free yourself from unmanageable debt and start again fresh. So, what are some common misconceptions about bankruptcy? #1 – Everyone will know: Bankruptcy is a highly private
process and generally only your Trustee and creditors will know. #2 – Your credit rating
will be destroyed forever: For 80% of people, bankruptcy finishes in 9 months and it’s common to reestablish credit within 2-3 years. #3 – You will lose everything: Provincial exemptions exist for many assets, such as your household goods, your house, car and RRSPs. Most people keep all of their assets following bankruptcy. #4 – Bankruptcy is an intrusive and unpleasant process: At Sands & Associates we promise that you will be treated with dignity and
respect from the moment you walk in the door. If you are struggling with an unmanageable debt burden call 310-0911 or visit us at www.sands-trustee.com and take control of your financial future.