More than 100,000 Canadians filed for bankruptcy in 2010 (from July 2009 to July 2010). Many agonize over the decision and put it off as long as possible. As debts grow to the point of being unmanageable, some Canadians wait to take action until something like a wage garnishment shocks them to attention. Filing for bankruptcy in Red Deer is a serious matter that should require a great deal of thought. Here are 3 tips to keep in mind if you are considering filing bankruptcy in Red Deer.
1. The sooner you declare, the faster you can begin getting on with your life.
2. Start getting your financial information together the moment you begin to consider filing.
3. Do not do anything with your assets right before filing.
First, bankruptcy is a chance at a fresh financial start. Many Canadians struggle for months on end in the hopes something will happen to make things better. They endure the embarrassment of a credit card being declined at a local store, and toss and turn half the night worrying about which bill collector will call next. They avoid picking up the telephone, letting the answering machine record the latest threat of legal action.
Why not end the agony and get on with it? If this would be your first time filing for bankruptcy in Red Deer, you would remain in bankruptcy for no more than 21 months. Depending on your financial circumstances you could be discharged in as little as 9 months. At that point, you would emerge virtually debt free.
Despite what you may have heard, bankruptcy is not the end of life as you know it. You will not lose everything you own if you file for bankruptcy nor will you be shut off from credit for the rest of your life. You can begin to rebuild your credit rating the moment you are discharged. You do not have to wait until the notation of your filing disappears from your credit history 6 years after you are discharged.
Second, the only way to determine whether filing for bankruptcy in Red Deer is the best way for you to deal with your debt is to determine exactly what your situation is. It is surprising that many Canadians do not know exactly where their money goes. They only know they do not have enough to get by. They have only vague notions of how much their assets are worth and in some cases can only estimate a rough total of what they owe.
In some cases, Canadians learn there are alternatives to bankruptcy that fit their situation better. To file for bankruptcy you will need the services of a licensed bankruptcy trustee. Trustees are trained debt consultants and they can help you assess your financial circumstances and explain whatever debt solution options are available to you. There is no reason to wait to see a trustee until you are certain you want to file. The best time to see one is at the first sign of financial trouble when they can still help you stay out of bankruptcy if that ends up being the right choice for you.
Third, do not try to save some of your assets you might lose in a bankruptcy by selling them to a relative or a friend. The courts can view such actions as fraudulent activity and it may affect how long you remain in bankruptcy and even whether or not you are eligible to file.
The best tip you can get if you are thinking of filing for bankruptcy in Red Deer is to sit down with a licensed bankruptcy trustee as soon as possible.
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