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Filing for Bankruptcy on Your Own & Other Debt Myths

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There are many questions and myths surrounding debt and debt control that can make dealing with debt seem more complicated than it really is.

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Filing for Bankruptcy on Your Own & Other Debt Myths

  1. 1. Filing For Bankruptcy On Your Own & Other Debt Myths
  2. 2. Is filing for bankruptcy on your own possible?
  3. 3. How does bankruptcy work?
  4. 4. Is filing a consumer proposal the same as filing for bankruptcy?
  5. 5. There are many questions and myths surrounding debt and debt control that can make dealing with debt seem more complicated than it really is.
  6. 6. DEBT IS A NORMAL PART OF EVERYDAY LIFE MYTH #1
  7. 7. With Albertans carrying the most consumer debt in Canada, it may seem that debt is just simply a normal part of everyday life.
  8. 8. Debts tied to an appreciable asset like a house can improve your quality of life, other debts can have a negative impact on your credit score.
  9. 9. It’s important to recognize the difference between both GOOD DEBT BAD DEBT and become proactive about paying down and avoiding unnecessary debt. VS.
  10. 10. FILING FOR BANKRUPTCY ON YOUR OWN IS SOMETHING YOU CAN DO MYTH #2
  11. 11. Filing for bankruptcy is a legal process, and it is not possible to do without the assistance of a certified Trustee in Bankruptcy.
  12. 12. Bankruptcy Trustees guide you through the process of filing for bankruptcy and can answer any questions you may have along the way.
  13. 13. EVERYONE CAN FILE FOR BANKRUPTCY MYTH #3
  14. 14. It’s a very popular myth that bankruptcy is a viable debt control option for everyone.
  15. 15. There are circumstances in which individuals are not eligible to use bankruptcy to get out of debt.
  16. 16. If the value of your assets or income is greater than your debt, you will be ineligible for bankruptcy. BDO CANADA
  17. 17. If you attended post- secondary education and have been out of school for less than seven years, you are not able to eliminate student loan debt by declaring bankruptcy.
  18. 18. FILING FOR BANKRUPTCY IS THE ONLY WAY TO GET OUT OF DEBT MYTH #4
  19. 19. Bankruptcy is not an ideal debt control option for some people, and it’s also not the only way to get out of debt. BDO CANADA
  20. 20. Before deciding whether you should file for bankruptcy, a Trustee will discuss other debt relief possibilities, such as debt consolidation loans, debt management plans and filing a consumer proposal, to see what would be the best solution for your financial situation.
  21. 21. Filing for bankruptcy on your own is just one of the many myths that surround debt.
  22. 22. For more information visit us at: edmonton-debt-help.ca

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