3 Misconceptions People Have About Bankruptcy

Are you considering filing for bankruptcy in Kamloops? To some people, this is the last resort. It really is a last resort because filing for bankruptcy in Kamloops means you are ruining your credit record.

There are also a lot of misconceptions that surround it such as the following:

Misconception #1: It is the only solution you have left

You should talk to a financial advisor or experts like a Licensed Insolvency Trustee who will be able to help you with other alternatives such as debt consolidation or a consumer proposal. That saves you from the effect of bankruptcy.

Misconception #2: Creditors will seize all your assets

It’s not true all the time. Some creditors might seize your assets but it’s not necessary for you to give your possessions to them. You can still hold on to your personal items such as furniture, clothes, appliances, and many other personal properties. There are also times when people are allowed to keep their cars or their homes. You should talk to experts in this matter such as Mike Wright & Associates Inc to find out how you can protect your assets.

Misconception #3: Filing for bankruptcy is not without its own expenses

You will have to pay for professional fees. In some cases, these professional fees can be paid through staggered payments so you will not be financially burdened.

Before you see this as a last resort, find out if there are still other ways for you to save yourself from financial ruin.

To know more about Debt Consolidation in Kelowna please visit our website: debtfreebc.ca

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