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Answer: You are correct, bankruptcy is a way to deal with your debts, but it also has some negatives:
First, there will be a note on your credit report for six years after you are discharged, so it will be more difficult to borrow in the future.
Second, while you are bankrupt you are required to make payments based on your income, so if your income increases, your payments increase.
Finally, you may lose some of your assets, such as your tax refund and GST credits.
To determine if bankruptcy is the correct option for you, you should make a list of all of your debts and then call an Ottawa bankruptcy trustee for a free initial consultation, so that you can review your options and decide which option is best for you.
Labels: bankruptcy Ottawa
posted by Questions @ 12:50 PM
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