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Bankruptcy is not for Everyone

When you have assets more that the bankruptcy law allows you to keep and you have a decent income that you can afford to pay a portion of your total unsecure debts on a monthly basis up to sixty months, bankruptcy is not for you.

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Bankruptcy is not for Everyone

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  1. Bankruptcy is not for Everyone BY: The DEBT CLINIC CANADA INC.

  2. PRIMARY PURPOSE OF BANKRUPTCY To enable a person who is loaded with debts (incurred legally without fraud or misrepresentation), with little assets and low income to start life again free from harassments from creditors or collection agents or law suits arising from non-payment of debts. You need to explore the above options by seeking professional advice and if need be, ask for a second opinion for once you filed bankruptcy you cannot stop or withdrew from it anymore.

  3. CONSIDER THE BUREAU FILE – CREDIT RATING Moreover, you have to consider the impact on your credit bureau file (credit rating). Bankruptcy will stay in your credit bureau file for seven years for a first time bankrupt. If the nature of your job is handling cash like: cashier, treasure, finance officer or any position where you are entrusted with cash, your employer may not allow you to keep the same job.

  4. Similarly, if you applied for any job above-mentioned you may not be hired if you were discharged from bankruptcy less than five years ago. Furthermore, if you are a licensed financial professional you may have difficulty renewing your license. Hiding assets from creditors before filing bankruptcy or selling your assets immediately prior to bankruptcy is not a smart move, in fact, it may cost you more than choosing one of the above -mentioned options. In addition, you may commit a crime of fraud (a criminal offense) for hiding your assets from your creditors.

  5. BANKRUPTCY LAW When you have assets more that the bankruptcy law allows you to keep and you have a decent income that you can afford to pay a portion of your total unsecure debts on a monthly basis up to sixty months, bankruptcy is not for you. In view of the foregoing, unless bankruptcy is your only option, avoid bankruptcy and consider other options for bankruptcy is not for everyone.

  6. FOR MORE ADVICES AND TIPS VISIT OUR WEBSITE http://www.debtcliniccanada.ca

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