Top Misconceptions People Have About Bankruptcy

Bankruptcy in Kelowna is regarded by many people as a last resort. However, it is also shrouded with misconceptions. The following are just some of the common misconceptions people have about bankruptcy in Kelowna:

Misconception #1: You will never be able to recover from bankruptcy in Kelowna

While there is a major impact on your credit score, it’s not the end of the world. Many people have bounced back from bankruptcy as long as you are willing to do the work for it. You can still rebuild your credit score and be in good bank standing once again.

Misconception #2: You will not be able to get a new credit line until after 7 years

This isn’t true. While the record will remain for 7 years, this does not mean that you can no longer open a credit line. Some banks might be willing to give you a credit line so you can start rebuilding your credit record.

Misconception #3: Bankruptcy makes you escape debts

It’s not something that can be obtained whenever you want. You have to undergo screening as well before they will approve the bankruptcy. Even then, not all of your debts will be discharged. If they see that you are capable of paying your debts, you might not be approved for it. 

Getting the help of a Licensed Insolvency Trustee such as Mike Wright & Associates will help you learn more about bankruptcy and whether or not this is the best solution for you. Make sure you get the help of one first before deciding to file for bankruptcy.

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

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