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Filing for Bankruptcy on Your Own & Other Debt Myths

There are many questions and myths surrounding debt and debt control that can make dealing with debt seem more complicated than it really is.

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Filing for Bankruptcy on Your Own & Other Debt Myths

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  1. FilingForBankruptcy OnYourOwn & Other DebtMyths

  2. Isfilingforbankruptcyonyour ownpossible?

  3. Howdoes bankruptcywork?

  4. Isfilingaconsumerproposalthesameasfiling forbankruptcy?

  5. Therearemanyquestionsandmythssurrounding debtanddebtcontrolthatcanmakedealingwith debtseemmorecomplicatedthanitreallyis.

  6. MYTH #1 DEBTISANORMAL PARTOF EVERYDAYLIFE

  7. WithAlbertanscarryingthemostconsumerdebtin Canada, itmayseemthatdebtisjustsimplya normalpartofeverydaylife.

  8. Debtstiedtoanappreciableassetlikeahousecan improveyourqualityoflife, otherdebtscanhavea negativeimpactonyourcreditscore.

  9. It’simportanttorecognizethedifference betweenboth VS. BAD DEBT GOOD DEBT andbecomeproactiveaboutpayingdownand avoidingunnecessarydebt.

  10. MYTH #2 FILINGFOR BANKRUPTCYON YOUROWNIS SOMETHINGYOU CANDO

  11. Filingforbankruptcyisalegalprocess, andit isnotpossibletodowithouttheassistanceof acertifiedTrusteeinBankruptcy.

  12. BankruptcyTrusteesguideyouthroughthe processoffilingforbankruptcyandcananswer anyquestionsyoumayhavealongtheway.

  13. MYTH #3 EVERYONECAN FILEFOR BANKRUPTCY

  14. It’saverypopularmyththatbankruptcyisaviable debtcontroloptionforeveryone.

  15. Therearecircumstancesinwhich individualsarenoteligibletouse bankruptcytogetoutofdebt.

  16. Ifthevalueofyourassetsor incomeisgreaterthanyour debt, youwillbeineligiblefor bankruptcy. BDO CANADA

  17. Ifyouattendedpost- secondaryeducationand havebeenoutofschoolfor lessthansevenyears, you arenotabletoeliminate studentloandebtby declaringbankruptcy.

  18. MYTH #4 FILINGFOR BANKRUPTCYIS THEONLYWAYTO GETOUTOFDEBT

  19. Bankruptcyisnotanidealdebtcontrol optionforsomepeople, andit’salsonot theonlywaytogetoutofdebt. BDO CANADA

  20. Beforedecidingwhetheryoushouldfilefor bankruptcy, aTrusteewilldiscussotherdebt reliefpossibilities, suchasdebtconsolidation loans, debtmanagementplansandfilinga consumerproposal, toseewhatwouldbethe bestsolutionforyourfinancialsituation.

  21. Filingforbankruptcyonyourownisjust oneofthemanymythsthatsurrounddebt.

  22. Formoreinformationvisitusat: edmonton-debt-help.ca

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