I’ve been bankrupt before – if I need to file for bankruptcy again, how long will I be in bankruptcy?

Hello There, I claimed Bankruptcy in 2005. How long does this stay on my Credit Report. Thanks, Kelly

Now that you’ve made the decision to start working towards a fresh financial start, it’s important to have all the information you need to move forward. After all the time you’ve spent struggling with unmanageable debt, the last thing you need is another confusing situation related to your financial distress.

Is the drop in the Canadian dollar affecting your financial health? Good news! You can still live well by spending smart!

In today’s economic climate, it’s not surprising to learn that Canadians are carrying consumer debt at an all-time high. If you find yourself struggling to make it from one debt payment to the next, staying out of the red can start to feel impossible.

I've been trying to pay off my debts for a long time and don't seem to be getting anywhere. How do you know when/if you should file for bankruptcy? Do you have to be unemployed?

As the price of oil continues to affect households throughout Alberta and Saskatchewan, many are falling behind and finding themselves unable to keep up with the day-to-day cost of living, let alone staying on top of their debt obligations.

Bankruptcy is a process that releases you from most, if not all of your debt. In other words, bankruptcy lets you erase your debts and put an end to your indebtedness within a few months.

As always, every situation is different and whether or not you are carrying too much debt depends on a number of variables in your individual circumstance. What may be too much of a financial burden for you, may be completely manageable for someone else.

Trying to maneuver through unmanageable debt can be exhausting and overwhelming. Even more so if you are trying to navigate your finances from a secondary location.