Debt Relief in Red Deer – Filing Bankruptcy in Red Deer as a Last Resort
We occasionally see people in our offices who have ignored their growing debt problems until something like a wage garnishment forces them to take action. In some cases, they have spent many a sleepless night worrying about bills they cannot pay and many a troubled evening fearing every phone call they answer will have a harassing debt collector on the other end of the line. Once they learn how bankruptcy actually works, some tell us had they known exactly what filing bankruptcy in Red Deer would do for them, they would have sought bankruptcy protection sooner to spare the pain. Why do all debt solution providers, including licensed bankruptcy trustees like us, go to such lengths to caution Canadians in debt trouble that bankruptcy should be their last resort?
It is true there are some negative consequences associated with filing bankruptcy in Red Deer. Indeed, we also see people from time to time who think bankruptcy is a “free lunch” that allows them to walk away from their debts free and clear, regardless of what they own and how much they make.
While the majority of the negative aspects of a bankruptcy filing apply only to higher income filers, the “last resort” advice keeps many people for whom bankruptcy is their best option right from the start of their debt difficulties from filing, causing undue hardship, both economic and emotional.
If your income is relatively modest and you own little of substantial value, you really don’t face that much of a downside from filing bankruptcy in Red Deer. Alberta has generous exemption allowances that will spare virtually all you own from sale and seizure in bankruptcy. Despite what you may have heard or read, bankruptcy will not destroy your credit rating forever.
After a discharge from bankruptcy, there are strategies you can use to begin to rebuild your credit. All you need is a little cash and a stable source of income and you can take out a secured credit card. You won’t rebuild your credit rating overnight, but it can be done in as little as 12 to 18 months according to some Canadian financial experts.
If you are wrestling with monthly debts but have yet to explore bankruptcy as a means of debt relief, do yourself a favor and schedule an free initial consultation with any bankruptcy trustee licensed in Red Deer. You may not know this, but Canada law requires us to counsel those who seek our help on all debt relief options that might work for their unique financial circumstances, not just personal bankruptcy.
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