2024-09-25
What happens if I don’t fulfill my duties during a Bankruptcy?
Bankruptcy
If you’re going through a personal Bankruptcy, one of your main goals is to obtain your discharge — that is, to have your debts cleared so you can start fresh.
Financial Difficulties Hit All Walks Of Life
As the Canadian economy continues to struggle and unemployment grips several provinces across the country, thousands of households are left struggling with the harsh realities of juggling one bill payment to the next. Still, the words ‘bankruptcy’ or ‘insolvency’ often come with a stigma that can keep many who need help managing their debt, from seeking it out.
The association between insolvency and distrust may exist, but in reality, it’s often far from the case. In truth, financial distress hits people from all walks of life. Even people we may view as prominent members of our community or highly-successful financially may be struggling to keep creditors at bay behind closed doors. In fact, according to a recent survey conducted by Ipsos on behalf of MNP, 52 per cent of Canadians would find themselves on the verge of insolvency if their monthly income was decreased by just $200. Statistics that blinding suggest that household debt is running rampant and whether you’re well-known figure in of a thriving community or a single parent with two part-time jobs – if you’re struggling, the time to reach out for help – is now.
The Penticton Herald recently posted an original article discussing the Ipsos survey online on Friday, May 26, 2017.
Ian Schofield is a Licensed Insolvency Trustee serving our Regina region. To learn more about how MNP Debt can help, contact our local office at 306.790.7900.
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How Often Can You File For Bankruptcy (MNP 3 Minute Debt Break)
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Canadians are facing a cost-of-living crisis. With rampant inflation, many have taken on more debt just to make ends meet. With interest rates still high, some households might be considering declaring Bankruptcy for the first, second, or even a third time.
If this sounds like you, don’t worry — many people are in the same situation, and it isn’t anything to be ashamed of. Filing for Bankruptcy or entering a Consumer Proposal might be the solution you need to relieve financial stress and get a fresh start.
